Analysis of Gold for June 01,.2020 – Overbought condition and breakout of the upward trendline. Watch for potential downside

Corona virus summary:

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.

Source: Analysis of Gold for June 01,.2020 – Overbought condition and breakout of the upward trendline. Watch for potential downside

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