FX.co - Analysis of Gold for November 02,.2021 - Potential for the drop towards $1.772

2 November 2021 at 11:31AM (UTC+0)

Relevance until3 November 2021 at 11:31AM (UTC+0)

Technical analysis:

Analysis of Gold for November 02,.2021 - Potential for the drop towards $1.772

Gold has been trading flat in last 10 hours and I see potential for the the downside breakout.

Trading recommendation:

Due to the most recent downside cycle and bearish divergence in momentum, I see potential for the downside continuation.

Watch for selling opportunities with the downside target at the price of $1,772

Resistance is set at the price of $1,796

*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 November 02,.2021 - Potential for the drop towards $1.772