Technical analysis on Gold for October 30th, 2023.
October 30, 2023 3:22 pm
Red line- support trend line
Black line- bearish RSI divergence
Blue lines- Fibonacci retracement levels
Gold price made a new higher high last week but the RSI continued to form lower highs. The bearish divergence in the 4 hour Gold chart suggests that bulls should be very cautious as a reversal is imminent. So far no reversal signal or sign of weakness has been given. Price continues to respect the red upward sloping support trend line. As long as this is the case, bulls continue to have the upper hand in the near term. The bearish RSI divergence only suggests that the up trend is weakening. This is not a bearish reversal signal. Only a warning.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- support trend line
Black line- bearish RSI divergence
Blue lines- Fibonacci retracement levels
Gold price made a new higher high last week but the RSI continued to form lower highs. The bearish divergence in the 4 hour Gold chart suggests that bulls should be very cautious as a reversal is imminent. So far no reversal signal or sign of weakness has been given. Price continues to respect the red upward sloping support trend line. As long as this is the case, bulls continue to have the upper hand in the near term. The bearish RSI divergence only suggests that the up trend is weakening. This is not a bearish reversal signal. Only a warning.
The material has been provided by InstaForex Company – www.instaforex.com
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