FX.co - Analysis of Gold for October 13,.2021 - Watch for the drop towards $1.747

2021-10-13T12:58:08

Relevance until2021-10-14

Technical analysis:

Analysis of Gold for October 13,.2021 - Watch for the drop towards $1.747

Gold has major test and rejected after the CPI release. Strong downside momentum and potential for another drop on Gold.

Trading recommendation:

My advice is to watch for selling opportunities due to strong rejection from the pinbar zone in the background.

Downside targets are set at the price of $1,747 and $1,722

Stochastic oscillator is showing bear cross in progress, which is another sign for the downside movement.

Key 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 13,.2021 - Watch for the drop towards $1.747