On the 4H chart, we’ve got a classic bearish divergence with gold prices hitting higher highs and the CCI (Commodity Channel Index) not keeping up, hinting at a slowdown. Also, the price danced with the R1 pivot level, dipped, tried to recover, but looks like it might dip again.
Switching to the weekly, it’s the same song - prices climbing, but CCI’s enthusiasm is waning. This suggests we might be heading for a correction soon.
The monthly pivot at 2169.520 hasn’t been touched yet, which is interesting. While a full retreat to this point seems a stretch, a pullback in its direction looks increasingly likely.
In short, both charts are whispering (or maybe starting to shout) that a downturn could be on the horizon. Whether we actually hit that monthly pivot or not, it’s clear the market’s got some rethinking to do. Keep an eye on these signs and plan accordingly!
Switching to the weekly, it’s the same song - prices climbing, but CCI’s enthusiasm is waning. This suggests we might be heading for a correction soon.
The monthly pivot at 2169.520 hasn’t been touched yet, which is interesting. While a full retreat to this point seems a stretch, a pullback in its direction looks increasingly likely.
In short, both charts are whispering (or maybe starting to shout) that a downturn could be on the horizon. Whether we actually hit that monthly pivot or not, it’s clear the market’s got some rethinking to do. Keep an eye on these signs and plan accordingly!
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