FX.co ★ Analysis of Gold for June 07,.2021 - Potential for downside continuation towards $1.860

Technical analysis:

Gold has been trading downwards this morning and there is rejection of the middle Bollinger band and re-test phase after the downside breakout.

Trading recommendation:

My advice is to watch for selling opportunities on the rallies with the downside targets at the price of $1.860 and $1.843.

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

Additionally, there was the downside breakout of the well defined upside channel, which is another confirmation for the further bearish condition.Key resistance is set at $1.895