Gold price is potentially on the downside again based on following reasons:
1. Price broke the upward trend line since November 15th.
2. MACD is about to going through the zero line and into the short side market
3. Resistance from downward trendline seems to be very strong.
4. RSI, KD and MACD all show top-side divergence which means price is going down
Today, keep an eye on the resistance region at around 1218-1220. A confirmed breach will be a signal to go short.
1. Price broke the upward trend line since November 15th.
2. MACD is about to going through the zero line and into the short side market
3. Resistance from downward trendline seems to be very strong.
4. RSI, KD and MACD all show top-side divergence which means price is going down
Today, keep an eye on the resistance region at around 1218-1220. A confirmed breach will be a signal to go short.