FX.co ★ Analysis of Gold for August 06,.2021 - Intraday breakout of the downside channel

Technical analysis

Gold has been trading upside in last few hours and there is more potential for the rally till end of the day.

Trading recommendation:

The market regime is still balancing but there is the intraday breakout of the falling channel and V shape reversal, which is sign that buyers taking control from sellers.

Watch for buying opportunities on the pullbacks with the upside target at $1,807 and $1,813.

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

Key support is set at the price of $1,789