FX.co - Analysis of Gold for December 03,.2021 - Breakout of the rising trendline

3 December 2021 at 12:20PM (UTC+0)

Relevance until4 December 2021 at 12:20PM (UTC+0)

Technical analysis:

Analysis of Gold for December 03,.2021 - Breakout of the rising trendline

Gold has been trading sideways today at the price of $1,772. I see potential for the downside continuation.

Trading recommendation:

Due to the breakout of the rising trend line and consolidation in the background, I see potential for the bigger drop in next period.

Watch for selling opportunities on the rallies with the downside objective at $1,725

Stochastic is showing oversold condition but with no evidence for thee bigger reversal.

Resistance level is set at the price of $1,808

*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 03,.2021 - Breakout of the rising trendline