Blue lines- bullish channel
Red line- bearish RSI divergence
Gold - Price is very close to making new higher highs but the RSI seems ready to provide a new bearish divergence
Gold price is trading around $1,823. Short-term trend remains bullish as price continues trading inside the short-term bullish channel. The lower channel boundary is still respected as price is making higher highs and higher lows. Support by the lower channel boundary is now at $1,798. As long as this is the case, bulls will remain in control of the trend. Price is very close to making new higher highs but the RSI seems ready to provide a new bearish divergence. If the RSI provides a new bearish divergence signal, then the chances for a reversal will have increased dramatically. Upside target and resistance area is around $1,835-45. The year has started on a bullish note as it ended. However we are very cautious as the RSI provides bearish divergence warnings.
Relevance up to 15:00 2023-01-03 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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