Gold price is trading around $1,781. Price remains inside the bullish channel since $1,677 and continues making higher highs and higher lows. Our bullish target as we mentioned in previous posts is now at $1,806 and next at $1,820-25 area.
Green lines -bullish channel
For this to come true Gold price must remain inside the bullish channel. Support by the channel is now found at $1.770. Below this level we find our next support at $1,720-25 area. In the 4 hour chart as shown above we also saw our first bearish divergence while the RSI was not following price to a new higher high. This is not a reversal signal but a warning. Usually we need at least two bearish divergence signals before any reversal, so I believe we should see a move towards $1,805-$1,810 tomorrow or early next week.
The material has been provided by InstaForex Company – www.instaforex.com
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