FX.co - Analysis for Gold 03.12.2020 - Massive drop on the Gold and both our targets got reached at $1.5854, still room for more downside and tst of $1.546

2020-03-12T15:07:06

Relevance until2020-03-13

Analysis for Gold 03.12.2020 - Massive drop on the Gold and both our targets got reached at $1.5854, still room for more downside and tst of $1.546

Technical analysis:

Analysis for Gold 03.12.2020 - Massive drop on the Gold and both our targets got reached at $1.5854, still room for more downside and tst of $1.546

Gold did drop strongly as I expected yesterday. The price reached and broke ourr downside target at $1.610 and $1.585. Anyway, due to very strong momentum to the downside, I would still watch for selling opporrtuntiies on the rallies.

Next downwrad targets are set at the porice of $1.563 and $1.546.

MACD oscillator is showing new momentum to the downside, which is strong confirmation for the strong supply.

Stochastic is in oversold zone...

Resitance level is now set at the prrice of 1.630

Support levels and next downward targets are set at the price of $1.563 and $1.546.

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

#Technical analysis #Gold

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ Analysis for Gold 03.12.2020 - Massive drop on the Gold and both our targets got reached at $1.5854, still room for more downside and tst of $1.546

Forex Analysis

Analysis for Gold 03.12.2020 - Massive drop on the Gold and both our targets got reached at $1.5854, still room for more downside and tst of $1.546