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FX.co ★ Analysis of Gold for August 29,.2022 - Potential for the downside continuation

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Forex Analysis:::2022-08-29T12:00:26

Analysis of Gold for August 29,.2022 - Potential for the downside continuation

Technical analysis:

Analysis of Gold for August 29,.2022 - Potential for the downside continuation

Gold has been trading upside this morning on Europe session but I see potential for the downside continuation of the trend.

Trading recommendation:

Due to the strong downside trend in the background and overbought condition this morning, I see further downside movement.

Watch for potential selling opportunities on the rallies with the downside objective at the price of $1.712.

Stochastic oscillator is showing fresh bear cross and overbought condition, which is good sign for further downside movement.

Resistance is set at the price of $1.730

Analyst InstaForex
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