Taking a brief look at the technical perspective of Gold:
We can see that Gold is rejecting the key level and channel resistance at the 1912.27 price level.
On top of that, we have also formed a bearish engulfing candlestick pattern, accompanied with an RSI overbought reading to increase the probabilities for a bearish move.
The correction is proven to be true by breaking below the early confirmation level at 1882.25.
We're likely to see the price of Gold to correct down to 1823.00.
Let us know your thoughts on Gold in the comments!
We can see that Gold is rejecting the key level and channel resistance at the 1912.27 price level.
On top of that, we have also formed a bearish engulfing candlestick pattern, accompanied with an RSI overbought reading to increase the probabilities for a bearish move.
The correction is proven to be true by breaking below the early confirmation level at 1882.25.
We're likely to see the price of Gold to correct down to 1823.00.
Let us know your thoughts on Gold in the comments!