Bottom line: Gold prints yet another high around $1820 levels. Immediate support is now seen around $1750 mark and the yellow metal has to break lower, to confirm a top in place. It should be noted that each high is accompanied by a bearish divergence.

 Fundamental Outlook:

DAX has managed to open the week on a strong footing by rising close to +1.0% yesterday. The indices closed around 13073 and futures are trading above 13130 mark as we prepare to publish this update. The indice might be taking its cues from the Dow Jones and SPX500, as risk appetite returns.

WTI Crude has been stalled just below the $41.50 mark and has been trading in a tight range since last several trading sessions. Oil prices might come under renewed selling pressure with Q2 earnings in focus. The fragile investor sentiment might weigh on Oil prices going forward.

Gold hits fresh highs yet again around $1820 levels. The yellow metal might be poised to gain further if the US Dollar continues to decline. The DXY (US Dollar Index) had print 95.63 lows during early hours of trade today, before pulling back.

Technical Analysis:

Gold continues its bull run that began from May 2019 after printing $1262 lows. The metal has managed to carve a series of higher highs and higher lows since then, the recent high being at $1820 levels. Since no support has been broken, there are signs of a bearish reversal yet.

Gold remains vulnerable for a bearish reversal though, as each high in recent times has been accompanied by a strong bearish divergence on the daily RSI. Immediate price support is seen around $1790, followed by $1750 respectively; and a break is required to confirm a potential bearish reversal.

Most traders might be willing to stay aside for now and allow prices to break $1790 at least. They might be inclined to sell on rallies thereafter, with a protective stop above $1820. Be prepared for a potential bearish reversal soon.

Prepared by

Harsh Japee, Technical Analyst.

Gold Chart

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