Bollinger Bands Warning: Is Gold Losing Uptrend?Gold ( OANDA:XAUUSD ) has succeeded in creating a New All-Time High(ATH) as I expected in my previous post . Now, the question is whether Gold can continue its upward trend.
Gold is currently moving in the Resistance zone($3,058-$3,045) .
The upper and lower lines of the Bollinger Bands indicator also play the role of resistance and support well on the 1-hour time frame .
Also, we can see the Regular Divergence(RD-) between Consecutive Peaks( Bollinger Bands indicator and Price ).
Educational Note : A divergence forms when the price chart and the indicator behave in contrast to each other. Divergence sell signals mostly form at the end of an upward trend, where the price chart forms a peak above the Bollinger upper band and another peak after, below the upper band. These signals are considered negative Regular Divergences(RD-) , hinting at a potential market reversal and a downward trend.
In terms of Elliott Wave theory , I think the main wave 4 is NOT yet complete, and we can expect another corrective wave .
I expect Gold to bearish trend in the coming hours and drop to at least $3,036 , with the next target being an attack on the Support zone($3,032-$3,021 ) .
Note: If Gold goes above $3068.29, we should expect more Pumps.
Gold Analyze ( XAUUSD ), 1-hour time frame.
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