FX.co - Analysis of Gold for May 11,.2021 - Overbought condiiton and potential for downside rotation towards $1.825

2021-05-11T11:47:08

Relevance until2021-05-12

Technical analysis:

Gold has been trading sideways at the price of $1.840 and there is chance for the the downside rotation before any further upside movement.

Trading recommendation:

Analysis of Gold for May 11,.2021 - Overbought condiiton and potential for downside rotation towards $1.825

Watch for potential selling opportunities on the rallies with the downside target at $1.826.

Stochastic is showing bearish divergence in the background, which is another sign of the weakness and extreme reading from buyers..

.Main resistance is set at $1.845

*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 May 11,.2021 - Overbought condiiton and potential for downside rotation towards $1.825