FxWirePro- Gold (Bearish divergence)

Chart pattern- Bearish Divergence  (CCI (500 and CCI (14)

Gold pared some of its gains after hitting a fresh all-time high. It hits a high of $2631 and is currently trading around $2617.88.

The yellow metal was one of the best performers amid rate cuts and Middle East tensions.

Technical:

The near–term support is around $2604, a break below the target of $2570/$2560/$2545/$2520/$2470. Major bearish continuation only below $2470.The yellow metal faces minor resistance around $2630 and a breach above will take it to the next level of  $2650/$2659.

Indicator (4- hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Bullish

It is good to sell on rallies around $2620-21 with SL around $2635 for TP of $2570.