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Gold price remains in a bullish trend inside the short-term bullish channel created after the low of $1,677. Gold price has finally reached our target of the upper boundary of the longer-term bearish channel. Price is trading above $1,870 and there is still no sign of a reversal. However I believe the upside potential is now limited taking into consideration the bearish RSI divergence in the 4 hour chart and the major channel resistance around $1,880.
Green lines - bearish channel
Gold price is making new higher highs but the RSI is not following to new highs. This is a warning for bulls but no reversal sign yet. Bulls need to be cautious at current levels because price has also reached the bearish channel boundary.
Blue lines- bullish channel
Since the double bottom of $1,677 and the break above $1,700-$1,740 resistance area I had as a key scenario the move higher targeting the upper channel boundary. Today we have reached this goal and traders need to be cautious. So far price has pulled back every time it reached the blue channel upper boundary. I expect the same to happen again. Pull back target and support is around $1,820.
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