Gold – watch out for bearish RSI divergence

I had written a detailed post on this in the late NY session yesterday. It can be found here (Is this a selling opportunity in Gold?)

Gold clocked a high of $1274.79 and has cooled down now to $1263 (monthly 100-MA). Check this daily chart

gold.png

  • Chart clearly shows bearish price-RSI divergence building up.
  • An NFP print in line with estimates/higher than estimates would be enough to push metal lower.

Key support levels

  • $1240
  • $1221.25
  • $1212
  • $1200

Key Resistance levels

  • $1274.79
  • $1285.80
  • $1300

 

 

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