In this briefing:
1. Gold Topside Pivot Barrier Short Set Up
Our bullish gold view from 1,200 just kissed the formidable topside resistance near 1,350 with increasing signs of the current up leg exhausting.
The standout chart feature stems from the most recent highs have not been confirmed by the daily RSI and MACD for a case of bear divergence amid a rising wedge. This divergence along with the physical barrier at 1,350-60 sets up a compelling short trade.
Well defined MACD triangulation denotes clean breakout points. RSI will give us good lead signals on a break below trend/pattern support.
A peak in gold may tie in with a firming USD bias and exhaustive moves in base metals.
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