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28.09.202115:43 Forex Analysis & Reviews: Technical analysis on Gold for September 28, 2021.

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Gold price made a new lower low today. Price remains inside the bearish channel making lower lows and lower highs. Trend is clearly bearish. The RSI provided today another bullish divergence as price did not make a new low.

Black lines -bearish channel

Green lines- Fibonacci retracement

Blue lines- bullish divergence

Gold price is trading below the 61.8% Fibonacci retracement and still inside the bearish channel. The bullish RSI divergence is not a reversal signal but a sign that the downtrend is weakening. It is not a sign that the trend has ended, but traders need to be cautious as we could soon see a reversal signal. Exiting the channel to the upside would be such a reversal confirmation. Until then bears remain in control of the trend.

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