GOLD FACES NEW HEADWINDS
Publish Date : 2019/09/26 - 04:49

GOLD FACES NEW HEADWINDS


Whilst prices have remained supported above 1,480 the potential for near-term weakness seems apparent, given yesterday’s 2-bar reversal. Eagle-eyed candlestick traders could note that yesterday’s bearish bar doesn’t quite pass as a bearish engulfing or outside day. Yet the -1.8% decline was the 2ndmost bearish daily range this month
and marks a prominent lower high.Furthermore, a bearish divergence had been forming with RSI since late June to warn of weakness to the trend, although prices need to break beneath 1,480 to confirm a reversal.


  • Ultimately, the daily trend remains bullish above 1,480, so bulls could hold out to see if a higher low is formed or seek to buy dips above this level.
  • Alternatively, bears could wait for a break below 1,480 to confirm a head and shoulders top, If successful, the H&S projects an initial target just above 1,400

Source:forex.com

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