GOLD - Lack of Volume + Bear divergence @ channel resistance
- As shown in the chart gold seems to be within a possible ascending channel
- Currently price is at the top of the ascending channels trend line resistance
Two factors point to a possible rejection and move back to Channel support:
1. Bearish RSI divergence on current top when compared to previous high within ascending channel
2. Lack of volume on rally up to ascending channels resistance when compared to previous bullish move
** I have added a Fib retracement, the 61.8 fib seems to be the most confluent with the ascending channels trend support so we may see a retracement down to it at around 1543
- Currently price is at the top of the ascending channels trend line resistance
Two factors point to a possible rejection and move back to Channel support:
1. Bearish RSI divergence on current top when compared to previous high within ascending channel
2. Lack of volume on rally up to ascending channels resistance when compared to previous bullish move
** I have added a Fib retracement, the 61.8 fib seems to be the most confluent with the ascending channels trend support so we may see a retracement down to it at around 1543