Gold was up $6 to $1771.9, the precious metal was above 20D MA (@ $1731) & below it 50D MA (@ $1796),
Here we can see clearly the next move for Gold, while we can see clearly its trading within a Bearish Ascending Wedge, This is a bearish reversal signal & the lack of progress higher has confirmed a sentiment shift, A break of support @1772.00 should lead to a more aggressive move lower towards 1740.00,
Although the anticipated move lower is corrective, it does offer ample risk/reward today, while the RSI Indicator its showing us the opposite of the actual price action on the charts, We look to SELL a break of $1771.66
And if we can see clearly the Divergence on the RSI Indicator, its a more of a confirmation of our analysis.
Keep a close eye on Gold, world number 1 precious yellow metal,
Happy PIP hunting traders.
Here we can see clearly the next move for Gold, while we can see clearly its trading within a Bearish Ascending Wedge, This is a bearish reversal signal & the lack of progress higher has confirmed a sentiment shift, A break of support @1772.00 should lead to a more aggressive move lower towards 1740.00,
Although the anticipated move lower is corrective, it does offer ample risk/reward today, while the RSI Indicator its showing us the opposite of the actual price action on the charts, We look to SELL a break of $1771.66
And if we can see clearly the Divergence on the RSI Indicator, its a more of a confirmation of our analysis.
Keep a close eye on Gold, world number 1 precious yellow metal,
Happy PIP hunting traders.