Gold Spot / U.S. DollarUpdated GOLD TECHNICAL ANALYSIS
Hi everyone,
Looking at this chart, we can see that the last 4 times RSI was dipping below 50 and we had a red candle, gold price went down significantly. According to the price just now we can see that we had a double top on price which is a bearish signal, RSI is pointing down but is is not below 50 yet. Price is in a good support now, i think its fair to assume that if the price of gold breaks this support and RSI dips below 50 there is a big probability we can see gold prices going down and a continuation of the downtrend.
Let me know your thoughts on this.
Looking at this chart, we can see that the last 4 times RSI was dipping below 50 and we had a red candle, gold price went down significantly. According to the price just now we can see that we had a double top on price which is a bearish signal, RSI is pointing down but is is not below 50 yet. Price is in a good support now, i think its fair to assume that if the price of gold breaks this support and RSI dips below 50 there is a big probability we can see gold prices going down and a continuation of the downtrend.
Let me know your thoughts on this.
Note
And it broke the support, lets see how low it will goNote
Looks like is going for the support around 1625-1620Note
Touched the support today
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.