FX.co - Analysis of Gold for September 07,.2021 - Absorption of buying climax and potential for bigger drop towards $1.786

7 September 2021 at 10:57AM (UTC+0)

Relevance until8 September 2021 at 10:57AM (UTC+0)

Analysis of Gold for September 07,.2021 - Absorption of buying climax and potential for bigger drop towards $1.786

Technical analysis:

Analysis of Gold for September 07,.2021 - Absorption of buying climax and potential for bigger drop towards $1.786

Gold has been trading downside as I expected. There is the absorption of the buying climax in the background and potential for the drop towards $1,786.

Trading recommendation:

Watch for selling opportunities on the rallies due to the absorption of the buying climax and the breakout of the rising channel.

Downside target is set at the price of $1,786

Stochastic oscillator is showing bearish divergence and overbought condition, which is sign that downside movement is very possible....

Key resistance is set at $1,831

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Technical analysis #Gold #Commodity

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ Analysis of Gold for September 07,.2021 - Absorption of buying climax and potential for bigger drop towards $1.786

Forex Analysis

Analysis of Gold for September 07,.2021 - Absorption of buying climax and potential for bigger drop towards $1.786