Gold Spot Looks Like A Drop

1 May 2020

One of our readers asked about Gold (XAUUSD), how is the chart looking now? What is it saying?

For Gold Spot (XAUUSD), the chart is starting to look bearish after a lower high and a candle close below EMA10 (green line).

We have the MACD, pictured below, printing a bearish cross.


We also spotted bearish divergence with the RSI.
We have the RSI closing lower while XAUUSD was closing higher:

Our first target if prices continue to drop will be $1644.84 or EMA50.

If this level breaks, prices can go even lower and hit ~$1550... This is not financial advice.

Thanks a lot for reading.

Namaste.