FX.co - Analysis of Gold for August 30,.2021 - Potential for the drop due to lack of demand

2021-08-30T12:05:08

Relevance until2021-08-31

Technical analysis:

Analysis of Gold for August 30,.2021 - Potential for the drop due to lack of demand

Gold has been trading upside in very tight channel, which is sign that buying power is not strong and that sellers might join.

Trading recommendation:

Watch for selling opportunities if you see the breakout of the upside channel.

Downside targets are set at the price of $1,812 and $1,806.

Stochastic is showing overbought condition intraday and potential for the downside rotation.

Resistance is set at the price of $1,824

*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 August 30,.2021 - Potential for the drop due to lack of demand