Gold Technical Analysis: Consolidation with negative bias as 4H chart shows bear RSI divergence

Omkar Godbole FXStreet Contributor

Gold could trade in a sideways-to-negative manner as a key technical indicator is reporting the loss of bullish momentum.

4-hour chart

The RSI has rolled over from overbought territory, confirming a bearish divergence - a lower low on RSI as opposed to a higher high on price.
The metal has also dived out of the rising channel, having failed to secure a close above $1,321 (78.6% Fib R of $1,365/$1,160) for two days.
A pullback to $1,308 could be in the offing.

Trend: pullback likely

XAU/USD

Overview:
    Today Last Price: 1318.64
    Today Daily change: -1.26 pips
    Today Daily change %: -0.10%
    Today Daily Open: 1319.9
Trends:
    Daily SMA20: 1292.62
    Daily SMA50: 1266.88
    Daily SMA100: 1242.19
    Daily SMA200: 1229.56
Levels:
    Previous Daily High: 1326.25
    Previous Daily Low: 1315.8
    Previous Weekly High: 1300.28
    Previous Weekly Low: 1275.9
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1322.26
    Daily Fibonacci 61.8%: 1319.79
    Daily Pivot Point S1: 1315.05
    Daily Pivot Point S2: 1310.2
    Daily Pivot Point S3: 1304.6
    Daily Pivot Point R1: 1325.5
    Daily Pivot Point R2: 1331.1
    Daily Pivot Point R3: 1335.95

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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