FX.co - Analysis of Gold for July 12,.2021 - Watch for the downside breakout and potential drop towards $1.755

12 July 2021 at 11:56AM (UTC+0)

Relevance until13 July 2021 at 11:56AM (UTC+0)

Technical analysis:

Gold has been trading sideways at the price of $1.800 but I see potential for the downside breakout.

Trading recommendation:

Analysis of Gold for July 12,.2021 - Watch for the downside breakout and potential drop towards $1.755

Watch for potential selling opportunities if the price breaks the level of $1.792.

Downside target will be set at the price of $1.755.

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

Key resistance is set at the price of 1.812.

*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 12,.2021 - Watch for the downside breakout and potential drop towards $1.755