GOLD IS OVERBOUGHT AND REVERSAL IS DEVELOPING
Technical Outlook:
After a huge bullish momentum followed by important fundamentals Gold hit the 1800 zone or so-called Psychological benchmark, regarding the bearish correctional candle on Friday, it gives a strong signal that Bears starting to take control again over the Yellow metal. The fundamentals from Friday triggered the pullback and I didn't expect any further growth beyond the 1808 Level.
On the D1 Chart along with the Stoch RSI, I spotted a Bearish divergence which signals to me a huge possible reversal towards my targets marked on this idea. My Weekly MA is at Resistance and the price should move back to my Daily MA and meet my targets within the next 5-8 Sessions.
Please take a look at my last Gold analysis linked under this idea, there you can se how the divergence nicely work to me, it´s my best leading indication for trading reversals.
Good luck Traders!
After a huge bullish momentum followed by important fundamentals Gold hit the 1800 zone or so-called Psychological benchmark, regarding the bearish correctional candle on Friday, it gives a strong signal that Bears starting to take control again over the Yellow metal. The fundamentals from Friday triggered the pullback and I didn't expect any further growth beyond the 1808 Level.
On the D1 Chart along with the Stoch RSI, I spotted a Bearish divergence which signals to me a huge possible reversal towards my targets marked on this idea. My Weekly MA is at Resistance and the price should move back to my Daily MA and meet my targets within the next 5-8 Sessions.
Please take a look at my last Gold analysis linked under this idea, there you can se how the divergence nicely work to me, it´s my best leading indication for trading reversals.
Good luck Traders!
