Technical analysis on Gold for August 10th, 2022.

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Black lines- bullish channel

Red line- bearish RSI divergence

Gold made a new higher high today above $1,800. Trend remains bullish as price continues making higher highs and higher lows. Still no reversal signal. Only warning signs by the RSI. Gold price continues to hold inside the bullish channel. Support by the channel is at $1,790. The RSI did not make a higher high. Instead the RSI provided another bearish divergence with the new high in Gold's price today. The bullish momentum is weakening. Trend is expected to reverse soon. The RSI provides a warning and not a reversal signal. Bulls need to remain very cautious. A move towards $1,750 is justified.


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