FX.co - Analysis of Gold for June 08,.2021 - Potential for the bigger drop towards $1.842

2021-06-08T08:26:53

Relevance until2021-06-10

Technical analysis:

Analysis of Gold for June 08,.2021 - Potential for the bigger drop towards $1.842

Gold has been trading downwards today as I expected. I still see potential for the bigger drop towards $1.860.

Trading recommendation:

Watch for potential selling opportunities on the rallies using the intraday time-frames like 15/30 minutes.

Downside targets are set at the price of $1.860 and $1.842.

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

Additionally, there is the breakout of the rising channel in the background...

*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 08,.2021 - Potential for the bigger drop towards $1.842