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Gold has been trading downside this morning and I found the breakout of the tight triangle in the background, which is good sign for further downside movement.
Due to the breakout of the triangle pattern I see potential for further drop towards downside references.
Watch for the potential selling opportunities with the downside objectives at $1.639 and $1.616.
Stochastic oscillator is showing fresh bear cross, which is strong sign that sellers are in control.
Key resistance is set at the price of$1.660
Relevance up to 06:00 2022-10-20 UTC+00 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.
