Analysis of Gold for October 07,.2022 - Breakout of the upside channel and trendline | Market Analysis
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Analysis of Gold for October 07,.2022 - Breakout of the upside channel and trendline
03:07 2022-10-07 UTC--4

Technical analysis:

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.

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

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.