FX.co - Analysis of Gold for March 07,.2022 - Bearish divergence in the background

2022-03-07T13:16:15

Relevance until2022-03-08

Technical analysis:

Analysis of Gold for March 07,.2022 - Bearish divergence in the background

Gold has been trading upside in the background but I found bearish divergence today, which is sign that there is potential for the downside rotation.

Trading recommendation:

Due to extreme upside condition on the Gold, I see potential for the downside rotation..

Watch for selling opportunities with then downside objectives at $1,973 and $1,950.

Stochastic is showing bearish divergence, which is another sign for the downside rotation.

Key resistance is set at the price of $2,000

*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 March 07,.2022 - Bearish divergence in the background