FX.co - Analysis of Gold for October 20,.2021 - Potential for the downside continuation

20 October 2021 at 2:37PM (UTC+0)

Relevance until21 October 2021 at 2:37PM (UTC+0)

Technical analysis:

Analysis of Gold for October 20,.2021 - Potential for the downside continuation

Gold has been trading upside today but I see potential completion of the ABC upside correction and more downside in next period.

Trading recommendation:

Due to overbought condition and potential for the further downside, my advice is to watch for selling opportunities.

Downside targets are set at the price of $1,767 and $1,761.

Stochastic is showing overbought condition and potential for the furher downside movement.

Resistance is set at $1,787

*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 20,.2021 - Potential for the downside continuation