FX.co - Analysis of Gold for October 15,.2021 - Sellers in control and potential for drop towards $1.758

2021-10-15T11:46:50

Relevance until2021-10-16

Technical analysis:

Analysis of Gold for October 15,.2021 - Sellers in control and potential for drop towards $1.758

Gold has been trading downside due to overbought condition and I see further downside movement towards $1,758

Trading recommendation:

Due to potential absorption of the buying climax in the background, my advice is to watch for selling opportunities on the rallies.

Downside target is set at $1,758

Stochastic did showing bearish divergences in the background, which is good sign for further downside movement.

Resistance is set at $1,800

*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 15,.2021 - Sellers in control and potential for drop towards $1.758