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02.01.2020 03:56 PM
Gold price is showing warning reversal signs

Gold price continues to make higher highs and higher lows. Price is in a bullish short-term trend and we can soon see a new higher high towards $1,530-40 area. However the RSI is providing us with some warning reversal signs that should be taken under serious consideration.

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Green line - bearish RSI divergence

Gold price is challenging recent highs. However the RSI does not confirm this bullish strength. So far we have one divergent new higher high and a second one most probably today will occur. This would be an important bearish warning sign. Bulls should be very cautious and are now warned by this divergence. Short-term support is at $1,517. Breaking below this support level will open the way for a pull back towards $1,490-$1,500 at least as we have been expecting from the end of last week. I believe this is not the time to chase the price at current levels. Bulls should be very patient and wait for a pull back, while bears could see the new higher high as an opportunity to go against the trend specially if we see another bearish divergence.

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