X Force Global Analysis:
In this analysis, we explore the bearish signs provided in Gold's daily chart through technical analysis.
Analysis
- The first thing we spot is a bearish rising wedge pattern
- We are currently testing the ascending support line of this pattern
- Along with the bearish pattern, we can also see a textbook bearish divergence, with prices forming higher highs and indicators forming lower highs
- The Relative Strength Index (RSI) shows a clear downtrend
- The Moving Average Convergence Divergence (MACD) has also formed a death cross, showing increasing bearish histograms
- Prices are currently testing the 20 Simple Moving Average (SMA), and a break and close below this moving average could confirm a bearish trend
What We Believe
We believe that technicals demonstrate a high bearish probability. While the extent of the correction may not be as severe, a break down from the ascending bearish wedge is anticipated.
Trade Safe.
In this analysis, we explore the bearish signs provided in Gold's daily chart through technical analysis.
Analysis
- The first thing we spot is a bearish rising wedge pattern
- We are currently testing the ascending support line of this pattern
- Along with the bearish pattern, we can also see a textbook bearish divergence, with prices forming higher highs and indicators forming lower highs
- The Relative Strength Index (RSI) shows a clear downtrend
- The Moving Average Convergence Divergence (MACD) has also formed a death cross, showing increasing bearish histograms
- Prices are currently testing the 20 Simple Moving Average (SMA), and a break and close below this moving average could confirm a bearish trend
What We Believe
We believe that technicals demonstrate a high bearish probability. While the extent of the correction may not be as severe, a break down from the ascending bearish wedge is anticipated.
Trade Safe.
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
Related publications
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.
🌎 Telegram | t.me/xforceglobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
Related publications
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.