Technical analysis of GOLD 07/08/2022

On the daily chart, GOLD is in a descending channel as part of the development to work out of the “Head and Shoulders” technical pattern. The price found support at 1732.16 and is currently consolidating around 1740.00.

The technical picture suggests a possible upward correction to the upper border of the channel to the level of 1786.00, after which the continuation of the decline in order to work out the projection of the “Head and Shoulders” pattern to the area of 1625.00.

The signal to cancel the option to work out the figure will be the growth of quotes above the “right shoulder” level of 1880.00.

GOLDDaily

Created by Joshua Hayn

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