Slight Divergence observed on Daily chart. Gold looking overbought, trading near downward channel from 2013. Should be seeing some unwinding of long positions on XAU in the next few weeks. Looking for at least a 9% drop back down to 200Day MA.
Comment
⋅
adding in fibonacci retracement levels for indicative profit taking levels
Comment
⋅
Gold pushing higher up to the downward trendline - Gold short play still intact even though shorter TF suggests higher gold. If trendline breached, it will go higher.
Comment
⋅
Markets closed for the weekend with a nice reversal candle stick right at the downward channel. Short play still intact. let's see what happens next week after markets digest the NFP data