07.05.202115:56 Forex Analysis & Reviews: Analysis of Gold for May 07,.2021 - Overbought condiiton and potential for downside rotation towards $1.815 and $1.801

Technical analysis:

Exchange Rates 07.05.2021 analysis

Gold has been trading upside after the NFP today but we got major buying climax. Buying climax in the rising market is negative and there is potential for the downside movement.

Trading recommendation:

Watch for potential selling opportunities with the downside target at $1.814 and $1.801.

Additionally, there is test of the rising parallel line, which is another stronger resistance.

*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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