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06.08.2021 02:17 PM
Analysis of Gold for August 06,.2021 - Intraday breakout of the downside channel
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Technical analysis

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Gold has been trading upside in last few hours and there is more potential for the rally till end of the day.

Trading recommendation:

The market regime is still balancing but there is the intraday breakout of the falling channel and V shape reversal, which is sign that buyers taking control from sellers.

Watch for buying opportunities on the pullbacks with the upside target at $1,807 and $1,813.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Key support is set at the price of $1,789

Petar Jacimovic,
Analytical expert of InstaTrade
© 2007-2025

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