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FX.co ★ Analysis of Gold for December 08,.2021 - Breakout of the rising channel

Analysis of Gold for December 08,.2021 - Breakout of the rising channel

Technical analysis:

Analysis of Gold for December 08,.2021 - Breakout of the rising channel

Gold has been trading downside this morning and I see potential for further downside continuation.

Trading recommendation:

Due to breakout fo the rising channel and the bearish divergence in the background, watch for selling opportunities on the rallies.

The downside target is set at the price of $1,773

Stochastic is showing fresh bear cross and bearish divergence, which is another sign and confirmation for the downside rotation.

Key resistance set at the price of $1,793

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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