FX.co ★ Analysis of Gold for August 11,.2022 - Breakout of the rising channel in the backgorund

Technical analysis:

Gold has been trading downside today and I see the breakout of the rising channel, which is sign that sellers are in control.

Trading recommendation:

Due to the breakout of the rising channel in the background, I see potential for further downside movement.

Watch for potential selling opportunities with the downside objectives at the price of $1.783 and $1.770.

Stochastic oscillator is showing overbought condition and bear cross, which is sign that sellers are taking control.

Key resistance is set at the price of $1.805