FX.co - Analysis of Gold for May 21,.2021 - Potential for the downside rotation towards $1.870

21 May 2021 at 12:07PM (UTC+0)

Relevance until22 May 2021 at 12:07PM (UTC+0)

Technical analysis:

Analysis of Gold for May 21,.2021 - Potential for the downside rotation towards $1.870

Gold has been trading upside in the past 10 hours but there is still potential for the downside swing and re-test of the middle line.

Trading recommendation:

Watch for potential selling opportunities if you see exhaustion pattern wit the downside targets at the price of $1.870 and $1.860.

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

Key resistance is set at $1.883

*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 21,.2021 - Potential for the downside rotation towards $1.870