FX.co ★ Analysis of Gold for April 02,.2021 - Potential for downside rotation towards $1.715

Saudi energy min. Voluntary oil cuts will be eased by 250K, 350K and 400K from MayThe Saudi Energy minister is saying that they will ease voluntary oil cuts of 1M B/D by 250K, 350K and 500K from May to July.

He added that OPEC+ remains cautious. He said that he did not discuss oil markets with US officials and decisions were not influenced by the talks with US officials.

Further Development

Analyzing the current trading chart of Gold, I found that buyers are in control but that there is strong resistance at the price of $1.732.

My advice is to watch for selling opportunities on the rallies with the downside target at $1.715.

Stochastic oscillator is overbought, which is another sign of weakness...

Pitchfork middle line is also on the test....

Key Levels:Resistance: $1.735Support level: $1.715