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