FX.co - Analysis of Gold for May 03,.2021 - Both targets reached on the GOld and potential for itnraday downside rotation

2021-05-03T11:45:51

Relevance until2021-05-04

Further Development

Analysis of Gold for May 03,.2021 - Both targets reached on the GOld and potential for itnraday downside rotation

Analyzing the current trading chart of Gold, I found that Gold reached both upside targets from Friday at the price of $1.775 and $1.782.

The Gold rejected of the Fibonacci expansion 100% at $1.782, which is good sign for the downside rotation.

My advice is to watch for selling opportunities intraday and potential for the downside movement towards $1.775.

Stochastic oscillator got bearish divergence, which is another indication for the downside rotation.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for May 03,.2021 - Both targets reached on the GOld and potential for itnraday downside rotation