FX.co ★ Analysis of Gold for May 28,.2021 - Buyers exhausted and potetnial for the drop towards $1.850

Technical analysis:

Gold has been trading sideways at the price of $1.890 but I see potential for the drop towards $1.850.

Trading recommendation:

Watch for potential selling opportunities in case of the downside breakout of rising channel.

The upside channel happened after the strong run phase, which is clear sign that buyers got exhausted.

Stochastic is showing bearish divergence and fresh bear cross, which is another sign and confirmation for the downside rotation.Downside target is set at $1.850