Black lines -bullish channel
Blue rectangle- support
Gold price made a move above $1,780 today. Price remains inside the upward sloping channel as price continues making higher highs and higher lows. However this upward move is weakening. A pull back is expected. Gold price is making higher highs but the RSI is not. The bearish divergence is a signal that a pull back might be imminent. Gold price is vulnerable to a pull back towards the blue support area around $1,730-40.
