Analysis of Gold for May 10,.2021 - Extreme upside reading and potential for downside correction towards $1.815

Technical analysis:


Gold has been trading sideways at the price of $1.837. There is potential for the downside rotation due to extreme upside condition.

Trading recommendation:

Watch for potential selling opportunities on the rallies with the downside targets at $1.815 at the price of $1.801.

There is bear flag pattern based on the last drop, which is good sign for downside movement.

Key resistance is set at $1.843

The material has been provided by InstaForex Company -