Gold – Potential bullish divergence on hourly chart
On the left hand side is the hourly chart, while the daily chart is on the right hand side.
Gold’s retreat from $1353 followed by a day end close below 50-DMA on Thursday suggests prices could retreat further to $13330 levels, although support of 10-DMA at $1327 would hold due to oversold nature of the hourly RSI.
Moreover, a rebound from $1330-1327 levels would result in a bullish price RSI divergence. The subsequent move higher could run into resistance around $1350-1353 levels.
Gold’s retreat from $1353 followed by a day end close below 50-DMA on Thursday suggests prices could retreat further to $13330 levels, although support of 10-DMA at $1327 would hold due to oversold nature of the hourly RSI.
Moreover, a rebound from $1330-1327 levels would result in a bullish price RSI divergence. The subsequent move higher could run into resistance around $1350-1353 levels.
