FX.co - Analysis of Gold for December 01,.2021 - Potential fake breakout of the cluster lows

2021-12-01T14:50:38

Relevance until2021-12-02

Technical analysis:

Analysis of Gold for December 01,.2021 - Potential fake breakout of the cluster lows

Gold has been trading sideways at the price of $,786 but there was the fake breakout of the cluster in the backcgorund.

Trading recommendation:

Due to fake breakout of the support cluster in the background, I see potential for the upside movement.

Watch for buying opportunities with the upside target at $1,803

Stochastic is showing fresh bull cross, which is another sign and confirmation for the upside rotation.

Support is set at the price of $1,77

*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 December 01,.2021 - Potential fake breakout of the cluster lows