FX.co - Analysis of Gold for October 04,.2021 - Downside continuation in the play

2021-10-04T11:30:01

Relevance until2021-10-05

Technical analysis:

Analysis of Gold for October 04,.2021 - Downside continuation in the play

Gold has been trading downside due to bearish divergence and extreme upside condition in the background.

Trading recommendation:

My advice is to watch for selling opportunities on th rallies with the downside objective at the price of $1,735.

Stochastic oscillator is showing "shoulder pattern", which is continuation al pattern and it is confirmation for the further downside.

Resistance is set at the price of $1,750

*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 October 04,.2021 - Downside continuation in the play