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21.10.202213:17 Forex Analysis & Reviews: Weekly Gold analysis.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.10.2022 analysis

Red lines- bearish channel

Weekly trend in Gold remains bearish. Price remains trapped inside the downward sloping channel since March top. This week price moved as high as $1,667 but at the end of the week we find Gold near its weekly lows. Gold's weekly candlestick is about to close at new weekly lows. In intraday terms price has traded even lower, but we are not far from breaking the intraday low as well. As long as price is below $1,700 we remain short-term bearish. Gold can continue lower towards $1,500 as long as it stays inside the bearish channel.

Alexandros Yfantis
Analytical expert of InstaForex
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