Short-term technical analysis on Gold for January 4th, 2022.
January 4, 2023 1:25 pm
Black line- bearish divergence
Blue lines- bullish channel
Gold price made a new higher high today at $1,864 and the RSI continues to be lower than previous highs. Technically trend remains bullish. So far there is still no sign of a reversal. We only see warning signs by the RSI. Gold up trend is weakening according to the RSI. Price has reached the upper channel boundary to new highs but we feel a pull back at least towards the lower channel boundary is imminent. A new higher from the RSI could change our view but so far the RSI remains below the black trend line.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- bearish divergence
Blue lines- bullish channel
Gold price made a new higher high today at $1,864 and the RSI continues to be lower than previous highs. Technically trend remains bullish. So far there is still no sign of a reversal. We only see warning signs by the RSI. Gold up trend is weakening according to the RSI. Price has reached the upper channel boundary to new highs but we feel a pull back at least towards the lower channel boundary is imminent. A new higher from the RSI could change our view but so far the RSI remains below the black trend line.
The material has been provided by InstaForex Company – www.instaforex.com
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