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Forex Analysis & Reviews: 11.08.2022

Relevance up to 16:00 2022-08-13 UTC+00

Black lines – bullish channel

Red line – bearish RSI divergence

Gold price remains in a bullish trend making higher highs and higher lows, however today we got some more warning signs. In a previous analysis we talked about the bearish RSI divergence which is a warning sign of a coming reversal/top. Momentum is weakening. Today Gold’s price exited the bullish channel it was in and failed to hold above $1,800. Short-term support is at $1,783 low. A break below this level will increase the chances of a pull back towards $1,750 at least. With current technical conditions, any move above $1,800 remains a good selling opportunity.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022

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