Gold Technical Analysis: Eyes corrective bounce on bullish 4H RSI divergence


Gold snapped its five-day winning streak with a 0.19 percent gain on Thursday, confirming a bullish divergence of the relative strength index on the 4-hour and hourly charts. 

4-hour chart

  • As seen above, the RSI carved out a higher low yesterday as opposed to a new lower low on price and has found acceptance above 30.00. 
  • The bullish divergence indicates scope for a corrective bounce to $1,280-$1,285 resistance zone in the first half of the next week. 
  • The divergence, however, would fail if the price finds acceptance under the previous day’s low of $1,270. 
  • As of writing, the yellow metal is changing hands at $1,275 per Oz. 

Trend: Corrective bounce

XAU/USD

Overview
Today last price 1274.43
Today Daily Change 0.00
Today Daily Change % 0.00
Today daily open 1274.43
 
Trends
Daily SMA20 1294.71
Daily SMA50 1303.99
Daily SMA100 1290.01
Daily SMA200 1249.22
Levels
Previous Daily High 1277.72
Previous Daily Low 1271.35
Previous Weekly High 1310.7
Previous Weekly Low 1288.7
Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1275.29
Daily Fibonacci 61.8% 1273.79
Daily Pivot Point S1 1271.28
Daily Pivot Point S2 1268.13
Daily Pivot Point S3 1264.9
Daily Pivot Point R1 1277.65
Daily Pivot Point R2 1280.88
Daily Pivot Point R3 1284.03

 

 

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