Gold Technical Analysis: Consolidation with negative bias as 4H chart shows bear RSI divergence
Gold could trade in a sideways-to-negative manner as a key technical indicator is reporting the loss of bullish momentum.
4-hour chart
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- The RSI has rolled over from overbought territory, confirming a bearish divergence - a lower low on RSI as opposed to a higher high on price.
- The metal has also dived out of the rising channel, having failed to secure a close above $1,321 (78.6% Fib R of $1,365/$1,160) for two days.
- A pullback to $1,308 could be in the offing.
Trend: pullback likely
XAU/USD
Overview:
Today Last Price: 1318.64
Today Daily change: -1.26 pips
Today Daily change %: -0.10%
Today Daily Open: 1319.9
Trends:
Daily SMA20: 1292.62
Daily SMA50: 1266.88
Daily SMA100: 1242.19
Daily SMA200: 1229.56
Levels:
Previous Daily High: 1326.25
Previous Daily Low: 1315.8
Previous Weekly High: 1300.28
Previous Weekly Low: 1275.9
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1322.26
Daily Fibonacci 61.8%: 1319.79
Daily Pivot Point S1: 1315.05
Daily Pivot Point S2: 1310.2
Daily Pivot Point S3: 1304.6
Daily Pivot Point R1: 1325.5
Daily Pivot Point R2: 1331.1
Daily Pivot Point R3: 1335.95