09.08.202216:15 Forex Analysis & Reviews: Another bearish RSI divergence in the Gold 4 hour chart.

Exchange Rates 09.08.2022 analysis

Black lines- bullish channel

Red line- bearish RSI divergence

Gold continues making higher highs and higher lows. Short-term trend remains bullish as price is trading inside the upward sloping channel. Gold is making new highs but the RSI is not. The RSI is making lower highs providing bearish divergence signals. These signals are important warnings that bulls should take into serious consideration. These signals are not reversal signals. Only warnings. Support is at $1,780-85. A break below this level will signal the exit out of the bullish channel and provide the first bearish signal. Conclusion: Although technically trend is bullish, there are increased chances of a reversal. Bulls need to be very cautious.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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