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The weekly chart in Gold is givings us bearish signs. Gold might be in the process of making a major top and a bearish reversal, but we at least expect Gold to make a considerable pull back over the coming weeks specially if we see a weekly close below $1,488.
Black rectangle- major resistance broken now support
Green line - upward sloping trend line support
Gold price has made an impressive move higher from April when it was trading around $1.280. The RSI has now reached overbought levels only seen back at the 2011 all time highs and at the 2009 high. In both cases Gold price made a considerable at least pull back. So this time I do not expect it to be any different. A back test or a move close the the broken resistance now support black trend line is expected. Bulls do not want to see price break below the long-term green trend line support as this would imply new multi year lows are coming. However it is too early to talk about such a scenario. For now we focus on the high chances of a pull back at least towards $1,450-$1,400 which will be confirmed on a weekly close below $1,488.
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