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The topping bearish reversal candle we pointed out on Tuesday is now playing out as price has reached our $1,620 target area. Gold short-term trend is bearish and we could see a move lower still. I expect to end the week at the lowest level.
Gold price is challenging the 4 hour cloud support at $1,620. Short-term trend is bearish as price is below both the tenkan- and kijun-sen indicators and the tenkan-sen (red line indicator) has crossed below the kijun-sen (green line indicator) providing us with a weak sell signal.The RSI is turning from overbought levels and a bearish divergence lower. This is a warning sign for bulls. This pull back could unfold into something bigger and even a move towards $1,560. Short-term trend is turning bearish and it is best advised to be patient and not try to catch a falling knife.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.