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Technical Update - Top formations in Gold and Silver. How low will they go? Bottom and reversal indications for Gold/Silver ratio
Gold XAUUSD was rejected at the minor resistance at around 2,384. That level is the 0.382 retracement of the early May uptrend (red lines). Gold sold off down below key support at around 2,314, establishing a downtrend (lower lows and lower highs). However, the RSI is still showing positive sentiment and is required to close below the 40 threshold to switch to negative sentiment. If Gold closes below support at around 2,277 and RSI closes below 40, there is likely further downside for gold. In case that bearish scenario plays out—where Gold is closing below 2,277—a double top-like pattern has been confirmed. It ... (full story)
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- Posted: Jun 11, 2024 11:26am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 333
