Gold Triple whammy of resistance likely to provoke profit taking

In the gold market, the 2022 high, Fibonacci extension, and top of a 12-year up channel at 2070-2100 are expected to act as strong resistance levels. This could lead to some profit-taking among traders.

The divergence of the daily RSI is already indicating a loss of upside momentum and I would recommend tightening up stop levels.

Disclaimer:

The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.