Analysis of Gold for May 11,.2021 - Overbought condiiton and potential for downside rotation towards $1.825

Technical analysis:

Gold has been trading sideways at the price of $1.840 and there is chance for the the downside rotation before any further upside movement.

Trading recommendation:

analytics609a6e9ccb14b.jpg

Watch for potential selling opportunities on the rallies with the downside target at $1.826.

Stochastic is showing bearish divergence in the background, which is another sign of the weakness and extreme reading from buyers..

.Main resistance is set at $1.845

The material has been provided by InstaForex Company - www.instaforex.com

Pages