FX.co - Analysis of Gold for June 09,.2021 - Potential for the bigger drop towards $1.842 still in play

2021-06-09T11:45:02

Relevance until2021-06-11

Technical analysis:

Analysis of Gold for June 09,.2021 - Potential for the bigger drop towards $1.842 still in play

Gold has been trading sideways in last 24 hours but I see still potential for the downside movement.

Trading recommendation:

Watch for potential due to potential completion fo the ABC upside correction and the downside breakout of the channel in the background.

Downside targets are set at the price of $1.859 and $1.842.

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

Key resistance is set at the price of $1.902

*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 09,.2021 - Potential for the bigger drop towards $1.842 still in play