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In yesterday's analysis we mentioned that Gold price is vulnerable to the downside, but trend remained bullish as long as price is above $1,638 and we can see a new higher high towards $1,670-80.
Gold price is moving back up towards the red trend line resistance. The RSI is again at overbought levels and it is very critical to see if we get a bearish divergence. Trend changes on a break below $1,653. Resistance is at $1,683. Traders need to be very cautious. The stochastic oscillator is turning upwards but is still far away from its recent high. Here we have a bearish divergence. I continue to expect a pull back and continue to believe that when price is close to resistance and far from support, it is not a good idea to be bullish.
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