FX.co ★ Analysis of Gold for August 17,.2022 - Breakout of the consolidation to the downside

Technical analysis:

Gold has been trading downside and there is the breakout of the sideways range, which is sign that sellers are in control.

Trading recommendation:

Due to the breakout of the rising trend-line and sideways range, I see potetnial for further drop towards lower reference points.

Watch for potential selling opportunities on the intraday rallies with the downside objectives at $1.759 and $1.738.

Stochastic oscillator is showing downside momentum with no signs for the reversal.

Key resistance is set at the price of $1.800