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Technical outlook:
An hourly chart has been depicted again to have a short-term swing update. First, please note that Gold has met our discussed criteria of hitting resistance around the $1,320 levels. The metal has reversed from the levels close to $1,323 as seen here and is likely to produce a bearish reversal here. Second, there is a clear bearish divergence on the RSI shown above which is also an indication of a potential bearish turn. A conservative approach is to wait for the price action to drop lower to initial support at the $1,309 levels and then initiate short positions on rallies there after. Also note that the counter trend rally which began from the $1,160 levels earlier, could be now complete with Gold making highs above the $1,320 levels, hence it is a good idea to take profits on long positions if taken earlier. Please be prepared for a potential bearish reversal in 1-2 trading sessions.
Trading plan:
Please prepare to go short on bearish confirmation.
Good luck!
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