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Gold price remains in a bearish trend. Price got rejected at the cloud resistance of the 4 hour chart. Price is making lower lows and lower highs. Any attempt to break above short-term resistance has failed. Bears remain in control of the trend.
Resistance by the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) is at $1,756 and $1,762. As long as price is below these levels short-term trend remains weak. The RSI has not made a new lower low after today's new low. This is a bullish divergence. This justifies a bounce higher maybe towards cloud resistance at $1,763. This is just a warning and not a reversal signal. I expect Gold to make new lower lows before starting a bigger bounce.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.