FX.co - Analysis of Gold for May 19,.2021 - First downside target reached at $1.856 but potential for another drop towards $1.845

2021-05-19T12:06:13

Relevance until2021-05-20

Analysis of Gold for May 19,.2021 - First downside target reached at $1.856 but potential for another drop towards $1.845

Technical analysis:

Analysis of Gold for May 19,.2021 - First downside target reached at $1.856 but potential for another drop towards $1.845

GOld has been downwards as I expected yesterday. Gold has reached the first downside target at the price of $1.856 but there is still potential for downside continuation.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the next downside target at $1.845 and $1.812.

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

Key resistance is set at $1.873.

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

#Technical analysis #USD #Gold #Commodity

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2024

FX.co ★ Analysis of Gold for May 19,.2021 - First downside target reached at $1.856 but potential for another drop towards $1.845

Forex Analysis

Analysis of Gold for May 19,.2021 - First downside target reached at $1.856 but potential for another drop towards $1.845