Gold retreats notably, accompanying Dollar’s broad based rebound. The break of 2028.34 minor support argues that a short term top is formed at 2075.18, on bearish divergence condition in 4 hour MACD. Intraday bias is now mildly on the downside for 4 hour 55 EMA (now at 1990.24). Sustained break there will confirm this view and bring deeper pull back to 38.2% retracement of 1670.66 to 2075.18 at 1920.65. We’ll see if this scenario would play out.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.