FX.co ★ Analysis of Gold for July 16,.2020 - Rejection of the top of the trading range and potential for test of $1.794

Technical analysis:

Gold has been trading downwards. As I expected, the Gold rejected of the top of the trading range at $1,815 and rotate downside. I still see potential for further downside towards the bottom of the range at $1,794.

Trading recommendation:

Watch for potential selling opporutnities iwith the targets at $1,794 and $1,775.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Bigger downside target is set at $1,775

Key ressistnace is set at $1,815