Analysis on Gold on August 11, 2021

In yesterday's session, precious metal Gold fell from 1738 to 1718 ($20) and rebounded to close the day session with a bearish candle with not too strong downward force.  Although it closed with a weak bearish candle, the upside momentum in the small time frames is negligible so my personal view today will continue to be a bearish signal.


On the daily chart time frame, the nearest resistance area to establish a short position according to me is around 1730-1735 and the safe target will be the intraday support of the precious metal Gold.  around 1718-1720 and I expect Gold can break this price zone to move down to 1705-1710. This is also the area I expect precious metal Gold can drop its destination in today's session.

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