Gold's break above $1271.72 indicates the bearish price RSI divergence seen in early European longer holds true and thus prices are now heading towards March 2016 high of $1284.81.
The move comes a day after prices witnessed a bullish break from falling trend line level, which adds credence to violation of bearish price RSI divergence on hourly timeframe.
Note - Failure to take out area around $1284.81 followed by a fall back below $1263 could signal head and shoulder formation with neckline at around $1190 levels.
The move comes a day after prices witnessed a bullish break from falling trend line level, which adds credence to violation of bearish price RSI divergence on hourly timeframe.
Note - Failure to take out area around $1284.81 followed by a fall back below $1263 could signal head and shoulder formation with neckline at around $1190 levels.
