X Force Global Analysis:
In this analysis, we explore the bearish signs provided in Gold's daily chart through technical analysis.
Analysis
- The first thing we spot is a bearish rising wedge pattern
- We are currently testing the ascending support line of this pattern
- Along with the bearish pattern, we can also see a textbook bearish divergence, with prices forming higher highs and indicators forming lower highs
- The Relative Strength Index (RSI) shows a clear downtrend
- The Moving Average Convergence Divergence (MACD) has also formed a death cross, showing increasing bearish histograms
- Prices are currently testing the 20 Simple Moving Average (SMA), and a break and close below this moving average could confirm a bearish trend
What We Believe
We believe that technicals demonstrate a high bearish probability. While the extent of the correction may not be as severe, a break down from the ascending bearish wedge is anticipated.
Trade Safe.
In this analysis, we explore the bearish signs provided in Gold's daily chart through technical analysis.
Analysis
- The first thing we spot is a bearish rising wedge pattern
- We are currently testing the ascending support line of this pattern
- Along with the bearish pattern, we can also see a textbook bearish divergence, with prices forming higher highs and indicators forming lower highs
- The Relative Strength Index (RSI) shows a clear downtrend
- The Moving Average Convergence Divergence (MACD) has also formed a death cross, showing increasing bearish histograms
- Prices are currently testing the 20 Simple Moving Average (SMA), and a break and close below this moving average could confirm a bearish trend
What We Believe
We believe that technicals demonstrate a high bearish probability. While the extent of the correction may not be as severe, a break down from the ascending bearish wedge is anticipated.
Trade Safe.
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📢 Twitter | twitter.com/XForceGlobal
▶️ Youtube | www.youtube.com/c/xforceglobal