kylesutherlandsmith45

Gold price divergence from RSI

TVC:GOLD   CFDs on Gold (US$ / OZ)
There is something wrong with this picture. How can price make a higher high while RSI goes down? Price is in a rising wedge which is bearish. RSI is in a triangle type of pattern. I wanted to look at the possibility that gold might have a pullback of 15%. That would bring price back to around $1640 USD. This is an Elliot wave count that suggests a wave 5 down before a wave 6 up to a new high. If this pullback happens and if it is worse i.e. 1450 to $1550 USD then it will be an excellent entry point. It all hinges on the RSI. Price is not aligned with RSI. Something wicked this way comes.

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