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02.08.202215:51 Forex Analysis & Reviews: Gold makes new highs but is vulnerable to a pull back.

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Black lines -bullish channel

Blue rectangle- support

Gold price made a move above $1,780 today. Price remains inside the upward sloping channel as price continues making higher highs and higher lows. However this upward move is weakening. A pull back is expected. Gold price is making higher highs but the RSI is not. The bearish divergence is a signal that a pull back might be imminent. Gold price is vulnerable to a pull back towards the blue support area around $1,730-40.

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