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Technical outlook:
An hourly chart has been depicted again to have a short-term swing update. First, please note that Gold has met our discussed criteria of hitting resistance around the $1,320 levels. The metal has reversed from the levels close to $1,323 as seen here and is likely to produce a bearish reversal here. Second, there is a clear bearish divergence on the RSI shown above which is also an indication of a potential bearish turn. A conservative approach is to wait for the price action to drop lower to initial support at the $1,309 levels and then initiate short positions on rallies there after. Also note that the counter trend rally which began from the $1,160 levels earlier, could be now complete with Gold making highs above the $1,320 levels, hence it is a good idea to take profits on long positions if taken earlier. Please be prepared for a potential bearish reversal in 1-2 trading sessions.
Trading plan:
Please prepare to go short on bearish confirmation.
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
