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.
Analytical expert of InstaForex
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.