FX.co - Analysis of Gold for August 17,.2021 - Potential for the downside breakout of the rising channel

2021-08-17T12:03:41

Relevance until2021-08-18

Technical analysis:

Analysis of Gold for August 17,.2021 - Potential for the downside breakout of the rising channel

Gold has been trading upside with with very slow tempo and near the critical resistance at $1,800. I see potential for the downside movement.

Trading recommendation:

Watch for selling opportunities in case of the downside breakout of the tight rising channel.

Downside targets are set at the price of $1,773 and $1,745.

Stochastic is showing fresh bear cross and extreme bull condition, which is another sign and confirmation 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 17,.2021 - Potential for the downside breakout of the rising channel