FX.co ★ Weekly Gold analysis

Gold price has most probably made an important short-term top. Price has reached very close to our $1,600 target and has given many warning signals before reversing after making a new higher high.

The RSI has given bearish divergence signals. The price of RSI has not followed price of Gold and has not confirmed the strength in the bullish camp. The weekly candle with a long upper tail is a bearish one. Gold price could already have started a corrective move lower. As we explained in previous posts, this is not the time to chase the long side. This is the time to raise stops and be careful.