Gold price is trading around $2,020. Short-term trend is bullish as price continues trading inside the upward sloping blue channel since October of 2022. Price has broken out of the triangle pattern providing a new bullish signal. Our target as we mentioned in previous posts was around $2,050-60. So far price has bounced as high as $2,031.Despite the new higher high in price, the RSI did not follow. The RSI has provided a bearish divergence. This is only a warning and not a reversal signal. Support is found at the base of the triangle pattern around $1,981. Holding above this level is key for the short-term trend. I believe we are at the final stages of the upward move that started back in October 2022. Upside potential is towards $2,050-60. Downside potential of a pull back is towards $1.880.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bullish channel
Red lines- triangle pattern (broken upwards)
Black lines- bearish RSI divergence
Gold price is trading around $2,020. Short-term trend is bullish as price continues trading inside the upward sloping blue channel since October of 2022. Price has broken out of the triangle pattern providing a new bullish signal. Our target as we mentioned in previous posts was around $2,050-60. So far price has bounced as high as $2,031.Despite the new higher high in price, the RSI did not follow. The RSI has provided a bearish divergence. This is only a warning and not a reversal signal. Support is found at the base of the triangle pattern around $1,981. Holding above this level is key for the short-term trend. I believe we are at the final stages of the upward move that started back in October 2022. Upside potential is towards $2,050-60. Downside potential of a pull back is towards $1.880.
The material has been provided by InstaForex Company – www.instaforex.com
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