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

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

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.

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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
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