FX.co ★ Short-term technical analysis on Gold for January 11th, 2023.

Blue lines- bullish channel

Black line- bearish divergence

Gold price made a new higher high today at $1,886. Technically trend remains bullish with price continuing the higher highs and higher lows pattern. Price was not followed by the RSI. The RSI continues to form lower highs and provide bearish divergence signs. Gold price is trading close to the upper channel boundary. At current levels aggressive traders should try and pick a top by shorting Gold. Less aggressive traders should remain neutral as we believe the upside potential is limited and a pull back towards $1,840 at least is imminent.