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Technical analysis of GOLD 07/29/2022

On the (4H) chart, Gold is in a descending channel as part of the “Head and Shoulders” pattern. The price found support at 1680.00 (2021 low) and is currently in the 1755.00 area.

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 price fixed above 1750.00 (38.2% Fibo). The next resistance within the correction is the level area of 1770.00 (50% Fibo), (MA200), (upper line of the descending channel).

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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