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02.12.2022 03:36 PM
Short-term technical analysis on Gold for December 2nd, 2022.

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Green lines- Fibonacci retracement levels

Red lines- bearish RSI divergence

Gold price is trading around $1,800. Short-term momentum remains bullish specially after the break above $1,763 where we got our last bullish signal. Price continues making higher highs and higher lows. Gold has broken above the 38% Fibonacci retracement of the entire decline from its 2022 all time highs. Despite making new highs, the RSI does not follow to a higher high. This bearish divergence is something that should not be ignored. This is not a reversal signal but only a warning. Bulls need to be very cautious.

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