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Gold: Bearish divergence and overbought

Gold has halted its 6 days of winning streak on account of profit booking. The yellow metal hits high of $1346.80 and lost nearly $10 from the high. It hits low of $1336.95 and is currently around $1338.82.

 

In the daily chart momentum indicator RSI is around 74.60 overbought zone and showing bearish divergence.

 

On the lower side, near term support is around $1336 (23.6% fib) and any violation below targets $1330/$1320. It should break below $1300 for further weakness.

 

The yellow metal is facing near term resistance around $1350 and break above will take the gold to next level till $1360/$1365.The yellow metal should break above $1365 for further bullishness.

It is good to sell on rallies around $1343-44 with SL around $1350 for the TP of $1330.

 

 

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