In the last sessions, the GOLD recovered value against the USD with a deep Pullback that, yesterday, find a solid wall on the 61.8% Fibonacci level in confluence with a strong level area of resistance around the level of price of 1800.00 - As we can see from the chart, in 12 Hour timeframe, the price had a Spike in correspondence of that previously talked area/level and the price was reabsorbed and follow red candles. The Stochastic seems ready to exit from the overbought area, ( there is a divergence ) and the RSI turned Bearish. The forecast of the Ichimoku remains Red and there are good clues about an ABCD pattern formation. Our Bias is still Bearish.
Note
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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.