FX.co - Analysis of Gold for September 29,.2021 - Downside continuation in the play towards $1.728

2021-09-29T12:15:26

Relevance until2021-09-30

Technical analysis:

Analysis of Gold for September 29,.2021 - Downside continuation in the play towards $1.728

Gold has been trading upside this morning but I see potential for the downside continuation.

Trading recommendation:

Due to bear flat pattern in creation and strong downside cycle, watch for selling opportunities with the downside objectives at $1,728 and $1,724.

Stochastic oscillator is showing overbought condition and fresh bear cross, which is another sign for the further downside continuation.

Resistance is set at $1,745

*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 29,.2021 - Downside continuation in the play towards $1.728