alanmasters

Gold Spot Looks Like A Drop

Short
FX:XAUUSD   Gold Spot / U.S. Dollar
One of our readers asked about Gold ( XAUUSD ), how is the chart looking now? What is it saying?

For Gold Spot ( XAUUSD ), the chart is starting to look bearish after a lower high and a candle close below EMA10 (green line).

We have the MACD , pictured below, printing a bearish cross.

We also spotted bearish divergence with the RSI .
We have the RSI closing lower while XAUUSD was closing higher:
Our first target if prices continue to drop will be $1644.84 or EMA50.

If this level breaks, prices can go even lower and hit ~$1550... This is not financial advice.

Thanks a lot for reading.

Namaste.
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Comments

thank you Master
Reply
Weekly inverted hammer held as resistance, 50% fibs targets 1600, also on the daily timeframe the leading momentum indicator ROC63 showed divergence on the 14th to 23th april period followed by a doji so bias is down until that 1600 target is reached, that's how I see it anyway, have fun and good charting
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