FX.co - Analysis of Gold for September 13,.2021 - Broken bear flag and potential for the downside movement towards $1.774

2021-09-13T11:07:17

Relevance until2021-09-14

Technical analysis:

Analysis of Gold for September 13,.2021 - Broken bear flag and potential for the downside movement towards $1.774

Gold has been trading downside as I expected. I see potential for the another drop towards the $1,774 level.

Trading recommendation:

Watch for the selling opportunities on the rallies with the downside target at the price of $1,774.

The main cause for the downside cycle is breakout of the rising trend line and divergences on the top.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Key resistance is set at $1,804

*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 13,.2021 - Broken bear flag and potential for the downside movement towards $1.774