FX.co - Analysis of Gold for September 16,.2021 - Strong downside as we expected and potential for drop towards $1.745

Forex Analysis:::2021-09-16T12:25:39

Analysis of Gold for September 16,.2021 - Strong downside as we expected and potential for drop towards $1.745

Technical analysis: Analysis of Gold for September 16,.2021 - Strong downside as we expected and potential for drop towards $1.745

Gold has been trading downside as I expected. The price reached first two downside targets at $1,792 and $1,782 and got another breakdown.

Trading recommendation:

Watch for selling opportunities on the rallies wit the next downside targets at $1,754 and $1,744.

Stochastic oscillator is showing no signs for the reversal, which is sign that sellers are in control.

Resistance is set at $1,782

Petar Jacimovic

Analyst InstaForex