The trend on the hourly chart below is still firmly down. This current wave higher could be the next lower high and there could be some signs of a rejection point at the moment, FXStreet’s analyst Rajan Dhall reports. Key quotes “Looking at the 1-hour chart the trendline looks like it has been rejected again at $1727.37. Adding to this the price level also confluences at the 50% Fibonacci retracement level. Lastly, the wave low resistance from 19th May at $1725.96 per troy ounce is also at the same zone marked by the red rectangle.” “The Relative Strength Index indicator is also in an oversold area. This also indicates there could be a move lower as the price looks to be overextended.” “The MACD histogram is above the zero line but the signal lines might just be starting to have a bearish cross over. Overall on the higher timeframes, this is still an uptrend but maybe the short-term correction is not over.” 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 UK’s Eustice: We can’t keep people on furlough scheme indefinitely FX Street 3 years The trend on the hourly chart below is still firmly down. This current wave higher could be the next lower high and there could be some signs of a rejection point at the moment, FXStreet’s analyst Rajan Dhall reports. Key quotes “Looking at the 1-hour chart the trendline looks like it has been rejected again at $1727.37. Adding to this the price level also confluences at the 50% Fibonacci retracement level. Lastly, the wave low resistance from 19th May at $1725.96 per troy ounce is also at the same zone marked by the red rectangle.” “The Relative Strength Index indicator… 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.
