Technical analysis of GOLD 07/21/2022

On the (4H) chart, Gold is in a descending channel. The price found support at 1680.00 (minimum 2021) and is currently at 1715.00.

The technical picture suggests a continuation of the upward correction within the descending channel, in favor of which is the convergence on the indicator (RSI).

The nearest resistance is the level area of ​​1720.00 (23.6% Fibo). The next resistance within the correction is the level area of ​​1750.00 (38.2% Fibo), (MA100).

A signal to cancel the growth of quotations within the correction will be a price drop below 1680.00.


Created by Joshua Hayn

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