FX.co - Analysis of Gold for October 19,.2021 - Potential for downside rotation towards $1.770

2021-10-19T12:31:28

Relevance until2021-10-20

Technical analysis:

Analysis of Gold for October 19,.2021 - Potential for downside rotation towards $1.770

Gold has been trading upside today but the key resistance at $1,784 is on the test. I see potential for the the downside movement.

Trading recommendation:

The trend is flat on both on longer degree time-frame, which is condition for the reversion to the mean type of entries.

My advice is to watch for selling opportunities with the downside objectives at $1,770 and $1,763.

Stochastic is showing bearish divergence, which is another sign for the downside movement.

*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 19,.2021 - Potential for downside rotation towards $1.770