Gold is currently in a downtrend, still below EMA(weekly)55 and the descending trendline (black line) from 2012.Weekly RSI is below 60-65 resistance zone.
Daily chart, shows price of gold currently hitting the heavy resistance trendline(black) and daily RSI entering the resistance zone of 60-65.
Bulls need to see gold to break the descending trendline with substantially increased volume and preferably daily RSI above 65.We believe that there is a good chance for gold to bounce at resistance and continue its downtrend.
Daily chart, shows price of gold currently hitting the heavy resistance trendline(black) and daily RSI entering the resistance zone of 60-65.
Bulls need to see gold to break the descending trendline with substantially increased volume and preferably daily RSI above 65.We believe that there is a good chance for gold to bounce at resistance and continue its downtrend.
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