FX.co - Analysis of Gold for October 11,.2021 - Fake breakout of the contraction in the background. Potential for downside movement.

2021-10-11T11:28:21

Relevance until2021-10-12

Technical analysis:

Analysis of Gold for October 11,.2021 - Fake breakout of the contraction in the background. Potential for downside movement.

Gold has been trading downside after Friday's buying climax and I see that there is more downside movement yet to come.

Trading recommendation:

Watch for selling opportunities on the rallies with the downside targets at $1,746 and $1,724.

There is absorption of the buying climax in the background and potential for the further downside.

Stochastic is showing continuation and further downside movement.

Resistance is set at $1,780

*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 11,.2021 - Fake breakout of the contraction in the background. Potential for downside movement.