05.08.202214:48 Forex Analysis & Reviews: Analysis of Gold for August 05,.2022 - Breakout of the upsidfe channel and potential for further drop

Technical analysis:

Exchange Rates 05.08.2022 analysis

Gold has been trading downside after the news today and I see potential for further downside continuation.

Trading recommendation:

Due to the strong supply today and breakout of the rising channel, I see potential for the further drop.

Watch for selling opportunities on the itnraday rallies with the downside objective at the price of $1.754.

Key resistance is set at the price of $1.793

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

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
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