Gold after continuous rally in past couple of days has started showing signs of a breath. Short term 4 hr time frame is looking under pressure.
RSI has turned down and has breached its uptrend line while prices have yet not breached.
Bollinger bands are on upper end of monthly chart and showing the possibility of moving to the lower end of channel.
Key immediate support which we can expect prices to reach is around $2530 and then $2440. Immediate resistance is $2670. Any further rally upside can be confirmed only after break above recent high of $2685.
Short term bias is bearish at present.
RSI has turned down and has breached its uptrend line while prices have yet not breached.
Bollinger bands are on upper end of monthly chart and showing the possibility of moving to the lower end of channel.
Key immediate support which we can expect prices to reach is around $2530 and then $2440. Immediate resistance is $2670. Any further rally upside can be confirmed only after break above recent high of $2685.
Short term bias is bearish at present.
註釋
As said in above view, we have seen a bearish move in gold and we expect the prices to continue to show range bound to bearish move. Now Breach of $2600 downside is important for further move downside towards $2540 and then further towards $2440.
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