FX.co - Analysis of Gold for June 02,.2021 - Potential for the downside swing and test of $1.855

2021-06-02T14:24:59

Relevance until2021-06-04

Technical analysis:

Analysis of Gold for June 02,.2021 - Potential for the downside swing and test of $1.855

Gold has been trading sideways at the price of $1.903 but I see potential for the drop in the next period.

Trading recommendation:

Watch for potential selling opportunities in case of the downside breakout of upside channel at $1.892.

Downside target is set at the price of $1.854

Stochastic is showing bull cross but the Bollinger bands is contracting (low trading range condition).

Watch for the breakout to the downside....

Key resistance is set at $1.916

*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 June 02,.2021 - Potential for the downside swing and test of $1.855