FX.co - Analysis of Gold for May 13,.2021 - Breakout of consolidation and potential test of $1.797

13 May 2021 at 10:58AM (UTC+0)

Relevance until14 May 2021 at 10:58AM (UTC+0)

Technical analysis:

Analysis of Gold for May 13,.2021 - Breakout of consolidation and potential test of $1.797

Gold has been trading downside as I expected. Gold is heading towards my main downside target at the price of $1.797.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the target at $1.797.

Additionally, there is the breakout of the consolidation, which is another sign of the weakness.

Stochastic is showing negative reading, which is good confirmation for the 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 13,.2021 - Breakout of consolidation and potential test of $1.797