Technical analysis of GOLD 07/14/2022

On the daily chart, Gold is in a descending channel as part of the work out of the “Head and Shoulders” pattern. The price broke through the support of 1730.00 is currently in the area of ​​1700.00.

The technical picture suggests a continuation of the decline to the nearest support in the area of ​​1675.00 (2021 lows), (lower line of the descending channel), after which a short-term upward correction within the channel is possible. The key target for working out the “Head and Shoulders” pattern is 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.


Created by Joshua Hayn

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