FX.co - Analysis of Gold for October 29 - Potential for the drop towards $1.782

2021-10-29T11:46:36

Relevance until2021-10-30

Technical analysis:

Analysis of Gold for October 29 - Potential for the drop towards $1.782

Gold has been trading sideways at the price of $1,794 but I see potential for the downside movement towards lower area of channel.

Trading recommendation:

Due to te breakout of the rising channel in the background, I see potential for the downside movement.

Watch for selling opportunities on the intraday rallies with the downside objective at $1,782.

Key resistance is set at $1,810

*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 October 29 - Potential for the drop towards $1.782