FX.co - Analysis of Gold for June 18,.2021 - Breakout of the bear flag pattern and potential for re-test of $1.768

2021-06-18T12:22:39

Relevance until2021-06-19

Technical analysis:

Analysis of Gold for June 18,.2021 - Breakout of the bear flag pattern and potential for re-test of $1.768

Gold has been trading upside this morning but I see further downside continuation for today.

Trading recommendation:

Watch for potential selling opportunities on the rallies due to breakout of the bear flag pattern.

Downside target is set at the price of $1.768

Stochastic is showing overbought condition and fresh bear cross, which is another sign and confirmation for the downside continuation.

*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 18,.2021 - Breakout of the bear flag pattern and potential for re-test of $1.768