27.03.202017:36 Forex Analysis & Reviews: Short-term technical analysis of Gold

Gold price continues to trade around $1,620. Short-term trend remains bullish as price continues to trade above the key support trend line. There are some warning signs by the RSI in the 4hour chart but overall I continue to be neutral waiting for a reversal.

Gold remains in a bullish trend above the 4hour Kumo (cloud) and the green trend line. Support is at $1.609-$1,620. Breaking below this level will be a bearish signal. If this happens we expect Gold price to reach at least the upper Kumo (cloud) boundary at $1.560-70. For now trend remains bullish. A 4 hour close below the tenkan-sen (red line indicator) will be a first weak bearish reversal signal. If followed by a break below the green trend line then we will have increased chances that the high is in. The recent new short-term higher high was not accompanied by a higher high in the 4 hour RSI. This is a bearish warning. Currently I prefer to be neutral Gold waiting for a bearish confirmation of a reversal.