X FORCE GLOBAL ANALYSIS:
Gold has shown weak bullish momentum for the past few days, after a huge rally from $1,450 levels. In this analysis, we focus on the bearish probabilities for Gold.
Analysis
- Around March 24, we saw a bearish divergence form on the daily chart
- Prices created higher highs, while the Relative Strength Index (RSI) created lower highs
- Eventually, this textbook bearish divergence played out, leading to a 14% drop in Gold prices
- Today, we have spotted something very similar: prices forming higher highs, and the RSI forming lower highs
- We can also see the diminishing bullish histograms on the Moving Average Convergence Divergence (MACD), as well as a potential death cross.
What We Believe
We believe that Gold has topped out locally, and is looking to enter a corrective phase, based on technical indicators and the bearish divergence.
Trade Safe.
Gold has shown weak bullish momentum for the past few days, after a huge rally from $1,450 levels. In this analysis, we focus on the bearish probabilities for Gold.
Analysis
- Around March 24, we saw a bearish divergence form on the daily chart
- Prices created higher highs, while the Relative Strength Index (RSI) created lower highs
- Eventually, this textbook bearish divergence played out, leading to a 14% drop in Gold prices
- Today, we have spotted something very similar: prices forming higher highs, and the RSI forming lower highs
- We can also see the diminishing bullish histograms on the Moving Average Convergence Divergence (MACD), as well as a potential death cross.
What We Believe
We believe that Gold has topped out locally, and is looking to enter a corrective phase, based on technical indicators and the bearish divergence.
Trade Safe.
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📢 Twitter | twitter.com/XForceGlobal
▶️ Youtube | www.youtube.com/c/xforceglobal