Recent historical gold highs have put the price under pressure. Detail examination of gold chart shows precious metal price forming tech pattern called “Head and shoulders”. For the moment we have clearly distinguishable head, left shoulder and currently shaping the right. This technical formation is reversal pattern. As we see the divergence between price trend and relative strength index (RSI) trend support this assumption. Breaking downward 50 moving average at $1346 would be prove for mentioned above and fall to major support line at $1270 is likely.
Chart source: StockCharts.com, Chart analysis: investink.net
This work with autor CapitalHubs.com is licensed under Creative Commons 3.0.
No comments:
Post a Comment
Leave your comment