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Gold has been trading downside after the breakout of the rising wedge and triangle pattern i the background, there is chance for further downside movement.
Due to the breakout of the rising wedge and triangle pattern in the background, I see potential for further drop towards downside references.
Watch for selling opportunities on the intraday rallies with the downside objectives at $1.649 and $1.640.
MACD oscillator is showing downside reading, which is sign that sellers are taking control.
Key resistance is set at the price of $1.674
Relevance up to 08:00 2022-10-29 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
