FX.co - Analysis of Gold for May 17,.2021 - Breakout of the rising channel and potential for testing of $1.832

2021-05-17T12:14:25

Relevance until2021-05-18

Technical analysis:

Analysis of Gold for May 17,.2021 - Breakout of the rising channel and potential for testing of $1.832

Gold has been trading upwards this morning but I found the breakout of the slope pattern in the background, which is bearish sign.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside target at the price of $1844 and $1.832.

The mean from the lat week is set at $1.835

Stochastic oscillator is showing overbought condition and the potential 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 17,.2021 - Breakout of the rising channel and potential for testing of $1.832