Gold prices recently extended from a bottom established at the end of February and the beginning of March. The 4H RSI has come up to tag 70, then held above 40 in a throwback, then back up almost to 70. So the momentum was not that strong to the upside, but it was there. You can also see that the moving averages in the 4H chart are not in bullish alignment, but that of consolidation, another sign of a weak uptrend.
Topping: The end of last week and the start of this one has set up a price top. Price action to start this week completed this top AND broke below a projected channel support trend line as price falls below 1600. Note that the RSI reading is also cracking 40, reflecting loss of bullish momentum. This price action is putting the focus back on the Feb-Mar. lows around 1560-1570.
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Gold: Breaking The March Uptrend
Published 03/26/2013, 07:36 AM
Updated 05/14/2017, 06:45 AM
Gold: Breaking The March Uptrend
Uptrend:
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