FX.co - Gold analysis for August 16 2021 - Breakout of the rising trendline

2021-08-16T11:40:27

Relevance until2021-08-17

Technical analysis:

Gold analysis for August 16 2021 - Breakout of the rising trendline

Gold has been trading upside during last 2 days but I found the exhaustion pattern today.

Trading recommendation:

Due to exhaustion pattern and breakout of the contraction, watch for selling opportunities on the rallies with the downside target at $1,758.

There is the breakout for the rising trend line in the background.

Stochastic is showing fresh bear cross, which is good sign for further downside movement.

Resistance is set at $1,7383.

*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 ★ Gold analysis for August 16 2021 - Breakout of the rising trendline