FX.co ★ Short-term technical analysis on Gold for January 4th, 2023.

Black line- bearish divergence

Blue lines- bullish channel

Gold price made a new higher high today at $1,864 and the RSI continues to be lower than previous highs. Technically trend remains bullish. So far there is still no sign of a reversal. We only see warning signs by the RSI. Gold up trend is weakening according to the RSI. Price has reached the upper channel boundary to new highs but we feel a pull back at least towards the lower channel boundary is imminent. A new higher from the RSI could change our view but so far the RSI remains below the black trend line.