FX.co - Analysis of Gold for August 11,.2021 - Test of resistance at the price of $1.738

2021-08-11T12:02:58

Relevance until2021-08-13

Technical analysis:

Analysis of Gold for August 11,.2021 - Test of resistance at the price of $1.738

Gold has been trading sideways at the price of $1,738. Watching for the breakout of the contraction is preferable strategy for the current condition.

Trading recommendation:

Breakout of the resistance at the price of $1,738 and confirm test of $1,750

Breakout of the support at the price of $1,719 can confirm further drop towards $1,682.

Stochastic oscillator is showing overbought condition and potential for the downside rotation...

*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 August 11,.2021 - Test of resistance at the price of $1.738