FX.co - Analysis of Gold for September 08,.2021 - Bear flag in creation and potential for drop towards $1.785

8 September 2021 at 12:27PM (UTC+0)

Relevance until9 September 2021 at 12:27PM (UTC+0)

Technical analysis:

Analysis of Gold for September 08,.2021 - Bear flag in creation and potential for drop towards $1.785

Gold has been trading upside but with slow tempo in the downside cycle, which is good sign for further downside continuation.

Trading recommendation:

Watch for selling opportunities with the downside objectives at $1,793 and $1,784

Stochastic oscillator is showing fresh bear cross and bear divergence on intra frames, which is sign for further downside continuation.

Resistance zone is set at $1,805/1,807

*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 September 08,.2021 - Bear flag in creation and potential for drop towards $1.785