Gold’s hourly chart is reporting a bearish divergence of the RSI. A minor pullback may be seen before an extension of the recent rally. Gold has pulled back from the seven-year high of $1,730 and could witness a deeper pullback to the former hurdle-turned-support of $1,703, as the hourly chart is reporting a bearish divergence of the relative strength index. A bearish divergence occurs when the indicator charts lower highs, contradicting higher highs on price and is widely considered an early indicator of bearish reversal. However, in this case, the bearish divergence has occurred on the hourly chart and indicates temporary bull fatigue. As a result, prices may pullback to $1,703 before posting stronger gains above $1,730. The yellow metal charted a big bullish candle on Monday and closed above $1,703 (March 9 high, previous seven-year high), reinforcing the bullish view and opening the doors for a continuation of the “V-shaped” rally from the March 20 low of $1,445. Hourly chart Trend: Pullback likely Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan’s Aso: Will allow firms to extend deadline for submission of securities report to end-Sept FX Street 2 years Gold's hourly chart is reporting a bearish divergence of the RSI. A minor pullback may be seen before an extension of the recent rally. Gold has pulled back from the seven-year high of $1,730 and could witness a deeper pullback to the former hurdle-turned-support of $1,703, as the hourly chart is reporting a bearish divergence of the relative strength index. A bearish divergence occurs when the indicator charts lower highs, contradicting higher highs on price and is widely considered an early indicator of bearish reversal. However, in this case, the bearish divergence has occurred on the hourly chart and indicates… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
