Gold Is Losing Its Glitter Ahead Of A Grim Weekly Close
Gold is about to close this week as a big red marubozu, covering last week's candle/gains. If today's candle closes below the thick blue trendline, it may clear the way for more losses.
The demand zone below resides around 1,450 - 1,480, and if the yellow metal breaks below it, it might drop all the way toward the area of 1,330, where a long-term trendline (dashed red line) is found, stretching on the daily chart since July 2017.
Daily and weekly RSI have both formed a bearish divergence.
Last month's shooting star candle may give a hint for more selling pressure to come later on this month.
The demand zone below resides around 1,450 - 1,480, and if the yellow metal breaks below it, it might drop all the way toward the area of 1,330, where a long-term trendline (dashed red line) is found, stretching on the daily chart since July 2017.
Daily and weekly RSI have both formed a bearish divergence.
Last month's shooting star candle may give a hint for more selling pressure to come later on this month.