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

Technical analysis:

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