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30.06.202022:15 Forex Analysis & Reviews: Gold price continues its advance

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Gold price is making new higher highs today. Price remains in bullish trend after the pull back towards $1,750. The RSI is now showing some warning signs as price is making new higher highs. The RSI indicator however is not making new higher highs as we see in the 4 hour chart.

Red lines - bullish channel

Gold price is inside the bullish channel as we already have noted in previous posts. Price continues to make higher highs and now that the $1,780 level has been captured, I feel we should expect price to continue higher towards $1,800-$1,825. Any pull back towards $1,760 is justified. This level is channel support and recent low. So bulls need to defend that area. Failure to hold above it will open the way for a move towards $1,740.

The RSI is showing divergence signs as it does not follow price to new higher highs. This is not a reversal signal, only a warning.

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