FX.co ★ Technical analysis on Gold for July 10th, 2023.

Green line- resistance (broken)

Red line- horizontal resistance

Black lines- RSI bullish divergence

Gold price is trading around $1,922. Gold price has broken above the short-term downward sloping resistance trend line providing a possible reversal signal. Price has stopped at $1,934 with bulls unable to close above $1,930. For the continuation of this upward move, bulls need to recapture $1,930 and stay above it. The bullish RSI divergencies suggest that a reversal is very close. Price has started making higher lows and the break of the green trend line was a first step towards the trend reversal. Bulls need to push price above the red resistance in order to strengthen the bullish momentum.