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FX.co ★ Analysis of Gold for October 07,.2022 - Breakout of the upside channel and trendline

Analysis of Gold for October 07,.2022 - Breakout of the upside channel and trendline

Technical analysis:

Analysis of Gold for October 07,.2022 - Breakout of the upside channel and trendline

Gold has been trading downside as I expected and the price is heading towards my downside objectives. There is breakout of the early morning upside trend-line, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the triangle pattern in the background and strong upside cycle, I see potential for further rally.

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Watch for the potential selling opportunities with the downside objectives at the price of $1.699 and $1.673

MACD oscillator is showing downside reading, which is good sign that seller sare in control.

Key resistance is set at the price of $1.728

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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