FX.co - Analysis of Gold for August 31,.2021 - Potential for the drop due to lack of demand and the reakout of channel

2021-08-31T11:38:09

Relevance until2021-09-01

Technical analysis:

Analysis of Gold for August 31,.2021 - Potential for the drop due to lack of demand and the reakout of channel

Gold has been trading downside this morning as we expected. There is potential for the downside movement towards $1,807 and even $1,790.

Trading recommendation:

Watch for selling opportunities on the rallies with the downside targets at $1,807 and even $1,790..

There is the breakout of the rising channel in the background, which is good confirmation for further downside...

Stochastic is showing bear condition....

*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 31,.2021 - Potential for the drop due to lack of demand and the reakout of channel