Chart pattern- Bearish Divergence (CCI (500 and CCI (14)
Gold pared some of its gains after hitting a fresh all-time high. It hits a high of $2631 and is currently trading around $2617.88.
The yellow metal was one of the best performers amid rate cuts and Middle East tensions.
Technical:
The near–term support is around $2604, a break below the target of $2570/$2560/$2545/$2520/$2470. Major bearish continuation only below $2470.The yellow metal faces minor resistance around $2630 and a breach above will take it to the next level of $2650/$2659.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish
It is good to sell on rallies around $2620-21 with SL around $2635 for TP of $2570.
