Gold shows signs of exhaustion at its record high
Updated
Gold may have reached a record high on Tuesday, but it then handed back more than half of the day's gains to leave a long upper wick. The ATH met resistance at the weekly R2 pivot and the daily RSI (2) has formed a bearish divergence in the overbought zone.
A momentum shift can be seen at the ATH on the 1-hour chart. A bearish divergence has also formed on this timeframe. The bias is to fade into retracements within yesterday's range to target the 2540/45 range, near the 50-bar EMA and HVN (high-volume node).
A momentum shift can be seen at the ATH on the 1-hour chart. A bearish divergence has also formed on this timeframe. The bias is to fade into retracements within yesterday's range to target the 2540/45 range, near the 50-bar EMA and HVN (high-volume node).
Trade closed: target reached
It's always nice to see when prices follow the arrows. Wish they were all like that. 
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