After the press conference of elect President Donald Trump, gold seems to have gone with the flow, naturally increasing in value. However, technically the commodity is showing some signs of weakness. Fundamentally, it is not yet clear what the future hides.
However, if we start with the daily timeframe, we can see it approaching a good resistance zone within the interval of 1200 - 1205, as well as a 72 day moving average which will reinforce convictions of at least a correction, if not going down to the previous support situated around 1185 - 1190
Now if we check smaller timeframes, we can further see that it is probably showing the reversal signs predicted in the daily timeframe. Here are two charts, the first a 4 hour chart showing the normal support and resistance levels (yellow moving average 200, blue moving average 50), and the second graph shows a divergence of the price of gold with the MACD, which could mean a potential weakness in the uptrend. But who knows what this unpredictable metal would do in the future?
