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 trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.