Gold Technical Analysis: Rejected at 4H 200MA, hourly RSI diverges in favor of bears
|Gold jumped to 4-hour 200-candle moving average (MA) of $1,311 earlier today, as expected, but failed to take out the key hurdle and is currently trading at $1,308.
The hourly chart relative strength index (RSI) has rolled over from the overbought territory, creating lower highs in favor of the bears.
Meanwhile, rejection at the 200-candle MA has strengthened the bearish case put forward by the negative crossover of the 100- and 200-candle MAs on the 4H.
The yellow metal, therefore, could see a minor pullback to $1,303-$1,300 levels. A break above the 4H 200-candle MA of $1,311 is needed to revive the bullish view.
4-hour chart
Hourly chart
Trend: Pullback likely
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.