FX.co - Analysis of Gold for June 10,.2021 - Downside continuation and potential for the test of $1.860

2021-06-10T08:48:27

Relevance until2021-06-11

Technical analysis:

Analysis of Gold for June 10,.2021 - Downside continuation and potential for the test of $1.860

Gold has been trading downwards as I expected. The Gold completed upside ABC correction and there is good potential for further drop towards $1.860.

Trading recommendation:

Watch for potential selling on the rallies with the downside targets at the price of $1.860 and $1.842.

The main cause for the downside movement is the breakout of the upside channel in the background and successful re-test phase.

Stochastic is showing extreme reading but with no evidence of the reversal.

Key resistance is set at $1.902

*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 June 10,.2021 - Downside continuation and potential for the test of $1.860