GOLDTREND-NET

False Break Out - Reversal Coming for Gold ?

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Based on Fibonacci Extensions, gold has reached Potential Reversal Zone (PRZ) at 1452-1455. Furthermore, there are negative divergences on RSI & MACD for daily timeframe , which can hint about a short term reversal.
Also take a look at the weekly chart below. Gold has completed harmonic AB = CD pattern on the weekly chart. If gold reverses from the top at 1452, it will reach 1400 or even lower at 1370-1380.



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Comments

Great pennant mate.
+1 Reply
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