Is Gold Overdone?
After an impressive rally which saw gold break through the $2,900/oz level for the first time, the market appears poised to blow off some steam.
Key Points:
- High on the daily RSI was set at the end of January and has been flashing divergence since then.
- The RSI has been in a consolidation channel for the last few weeks but broke through to move lower this morning. The current RSI is sitting just below 50.
- This morning, gold broke through the BB midpoint AND the lower trend channel.
- Really bearish closing candle on the daily yesterday.
Bret Hathaway
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Bret Hathaway
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.