FX.co - Analysis of Gold for July 01,.2021 - Potential for the downside continuation towards $1.750

2021-07-01T12:45:54

Relevance until2021-07-02

Technical analysis:

Analysis of Gold for July 01,.2021 - Potential for the downside continuation towards $1.750

Gold has been trading upside in last 10 hours but I see potential for the downside movement and continuation of the downside trend.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside target at $1.750.

There is rejection from the massive Fibonacci cluster at $1.780, which is good confirmation for the downside continuation.

Stochastic is showing fresh bear cross, which is good sign and confirmation for the downside rotation.

*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 July 01,.2021 - Potential for the downside continuation towards $1.750