Gold price is trading around its major resistance of $1,750. Today we focus on the RSI indicator and its resistance that is right above us now. A rejection is highly probable taking into account the longer-term bearish divergence seen as price was making higher highs.
Blue lines – trading range
Blue rectangle- resistance
Black line – Trend line resistance
Gold price is moving sideways for 2 and a half months. There is no real progress. The RSI confirms the importance of the resistance in the area of $1,750. Breaking above $1,750 and if the RSI manages to break the black trend line resistance, then we should expect Gold price to continue towards $1,800 and higher. Otherwise we should expect a pull back towards $1,700 and lower.
Source: Gold price at major resistance