FX.co - Analysis of Gold for June 11,.2021 - Potential for the bigger drop towards $1.860

2021-06-11T12:24:19

Relevance until2021-06-13

Technical analysis:

Analysis of Gold for June 11,.2021 - Potential for the bigger drop towards $1.860

Gold has been trading sideways in the 12 hours but I still see potential for the downside movement towards $1.860.

Trading recommendation:

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

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

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

Main cause of the downside movement 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 11,.2021 - Potential for the bigger drop towards $1.860