Its Monday start of a new week. Back on our favorite pair GOLD . Im looking at a possible sell from the top again. Weve seen a nice rise again in gold recently but it could be short lived (possibly). What i would like to see is price make a double top , or even slightly higher and complete the bearish divergence with the previous high on the RSI . Obviously price needs to stay below the previous high on the RSI and go higher than the corresponding high in price. But looking for rejections in that area could give us a nice sell back down to the area of the .382 Fib and pick up the uptrend for the next push up. Thats what ill be looking for this week so keep your eyes sharp and GLIYF. Lets have a good week all
Be careful of rsi and divergences in such a trendy market i would use macd if i was u both for divergences and cross over downwards,, when markets are moving strongly many indicators tend to diverge
According to World Currency Unit vs Gold comparison (see XAUWCU in Tradingview), Gold is over bought condition in daily and Weekly....... Sooner or later, it will correct significantly I expect.....
Gold has a habit of ignoring traditional TA. Best to play it intraday after you have established its intent.