Gold technical analysis
At the lower timeframe, the gold prices are forming an Inverted Flag that signals a continuation of a bearish momentum after a rangebound phase. The downward sloping trendline plotted from $1,812.15 is acting as a barricade for the counter. The declining 200-period Simple Moving Average (SMA) at $1,787.75 adds to the downside filters. It is worth noting that the momentum oscillator, Relative Strength Index (RSI) (14) is displaying overbought signals. Also, the Moving Average Convergence Divergence (MACD) (12,29,9) is portraying exhaustion in the pullback move.
Currently looking for short term selling opportunities in it, Proper money management suggested.
At the lower timeframe, the gold prices are forming an Inverted Flag that signals a continuation of a bearish momentum after a rangebound phase. The downward sloping trendline plotted from $1,812.15 is acting as a barricade for the counter. The declining 200-period Simple Moving Average (SMA) at $1,787.75 adds to the downside filters. It is worth noting that the momentum oscillator, Relative Strength Index (RSI) (14) is displaying overbought signals. Also, the Moving Average Convergence Divergence (MACD) (12,29,9) is portraying exhaustion in the pullback move.
Currently looking for short term selling opportunities in it, Proper money management suggested.
