FX.co - Analysis of Gold for August 12,.2021 - Breakout of the tight consolidation and potential for downside movement

2021-08-12T13:13:13

Relevance until2021-08-13

Technical analysis:

Gold has been trading sideways at the price of $1,749 but there is chance for the downside movement.

Trading recommendation:

Analysis of Gold for August 12,.2021 - Breakout of the tight consolidation and potential for downside movement

Gold is still in the post climax mode but there is intraday clue that downside can be in the play due to breakout of the support at $$1,750.

Watch for selling opportunities with the targets at $1,737 and $1,719

Stochastic is showing downside reading with no evidence for the reversal...

Resistance is set at the price of $1,764

*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 12,.2021 - Breakout of the tight consolidation and potential for downside movement