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17.05.202115:39 Forex Analysis & Reviews: Short-term analysis on Gold for May 17, 2021.

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Gold price made a higher high today at $1,854.90. Trend remains bullish as price is still inside the bullish short-term channel and price continues making higher highs and higher lows. Gold price is making new highs but the RSI is not following. We have a bearish divergence warning signal.

Blue lines - bullish channel

Red lines - bearish divergence

Gold price is showing the first bearish divergence warning signal in the 4 hour chart. Price could pull back towards the lower channel boundary around $1,820. Gold price is vulnerable to a pull back if not a bigger correction. So far there is no confirmation of such a reversal only warning signs. Gold bulls need to be cautious at current levels as the upside momentum is weakening. Traders need to protect their profits by raising stops.

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