FX.co - Analysis of Gold for May 10,.2021 - Extreme upside reading and potential for downside correction towards $1.815

10 May 2021 at 11:32AM (UTC+0)

Relevance until11 May 2021 at 11:32AM (UTC+0)

Technical analysis:

Analysis of Gold for May 10,.2021 - Extreme upside reading and potential for downside correction towards $1.815

Gold has been trading sideways at the price of $1.837. There is potential for the downside rotation due to extreme upside condition.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside targets at $1.815 at the price of $1.801.

There is bear flag pattern based on the last drop, which is good sign for downside movement.

Key resistance is set at $1.843

*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 10,.2021 - Extreme upside reading and potential for downside correction towards $1.815