Short Analysis:
As gold is creating slightly higher lows and RSI is indicating lower lows, a bearish divergence could be seen. With that being, we can expect gold to drop to 50% fib levels (1070.64) later on the week
Long Term Analysis:
Gold seems to be in a bullish run. However i expect it to come down slightly before make new highs.
Short @ 1079.47 region
Stop @ 1083.12
First T/P @ 1073.77
As gold is creating slightly higher lows and RSI is indicating lower lows, a bearish divergence could be seen. With that being, we can expect gold to drop to 50% fib levels (1070.64) later on the week
Long Term Analysis:
Gold seems to be in a bullish run. However i expect it to come down slightly before make new highs.
Short @ 1079.47 region
Stop @ 1083.12
First T/P @ 1073.77
Trade closed: stop reached
Bulls are still in control of gold
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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.