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01.06.202014:00 Forex Analysis & Reviews: Analysis of Gold for June 01,.2020 - Overbought condition and breakout of the upward trendline. Watch for potential downside rotation towards the $1.722

Corona virus summary:

Exchange Rates 01.06.2020 analysis

Technical analysis:

Gold has been trading upwards. The price tested and rejected of thelevel at $1,743. I see further downside rotation towards the levels at $1,722 and $1,712.

Trading recommendation:

Watch for selling opportunities on the Gold due to overbought condiiton on the Stochastic oscillator.

I also found the breakout of the upward trendline in the background, which is another sign for the weakness.

The downward targets are set at $1,722 and $1,712.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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