Gold Spot Looks Like A Drop Short

Gold/U.S. DollarFXCM

Description

⋅ May 1, 2020 6:44 PM

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.

Comments

g64389057

⋅ May 2, 2020 9:35 PM

thank you Master

UnknownUnicorn1300833

⋅ May 1, 2020 9:52 PM

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