FX.co - Analysis of Gold for July 07,.2021 - Potential for the second downside leg towards $1.790

2021-07-07T11:46:55

Relevance until2021-07-08

Technical analysis:

Analysis of Gold for July 07,.2021 - Potential for the second downside leg towards $1.790

Gold has been trading sideways at the price of $1.807. Potential for the downside rotation.

Trading recommendation:

Watch for potential selling opportunities due to strong resistance and potential for the downside continuation.

Downside targets are set at the price of $1.802 and $1.790.

Stochastic is showing overbought condition but with the fresh bear cross, which is sign that sellers are still in control.

Short term and long term trends are bearish....

*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 July 07,.2021 - Potential for the second downside leg towards $1.790