Looking at Gold, the price is trading inside a rising wedge formation near the $1,780 zone which is a very critical area for Gold. Breaking this wedge to the downside will push the price towards $1,759 our first target. If the price manages to continue its way down, our second target will be the beginning of the ascending formation at around $1,739.
If $1,739 gets broken below, Gold may experience an extended correction to retest $1,713. Lastly, although I rarely take indicators into consideration; however looking at the RSI, we can spot a clear divergence which is known to be a reversal signal.
If $1,739 gets broken below, Gold may experience an extended correction to retest $1,713. Lastly, although I rarely take indicators into consideration; however looking at the RSI, we can spot a clear divergence which is known to be a reversal signal.