The price forms a double bearish divergence with MACD lines, MACD histogram, and RSI. It provides a strong trend reversal signal. The market looks overbought, and it is another bearish signal.
RSI confirms the price reversal from the resistance level. MACD lines and histogram are going to support a downward movement.
DMI is bullish and confirms the strong uptrend. At the same time, ADX line starts a downward movement. It tells us that buyers are not active, and we can expect the correction movement up to MAs and important support levels.
How to trade?
It is possible to open short trades based on the reversal signals from the resistance level using the daily and lower timeframes. Stop orders must be placed above the local swing high. Profit targets can be placed at 1500.00 and 1450.00 support zones.
What are your thoughts about Gold market? Do you believe that the price will make a new high without correction? Share your ideas in comments.
RSI confirms the price reversal from the resistance level. MACD lines and histogram are going to support a downward movement.
DMI is bullish and confirms the strong uptrend. At the same time, ADX line starts a downward movement. It tells us that buyers are not active, and we can expect the correction movement up to MAs and important support levels.
How to trade?
It is possible to open short trades based on the reversal signals from the resistance level using the daily and lower timeframes. Stop orders must be placed above the local swing high. Profit targets can be placed at 1500.00 and 1450.00 support zones.
What are your thoughts about Gold market? Do you believe that the price will make a new high without correction? Share your ideas in comments.
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