Gold price is demonstrating signs of a loss in the upside momentum as the Relative Strength Index (RSI) is showing a negative bearish divergence formation. The Gold price is forming higher highs and higher lows while the momentum oscillator RSI (14) had formed a lower high when the asset formed a high of $1,937.57 on Friday, which indicates exhaustion in the bullish momentum.
The downside bias is not completely developed as the asset has not formed a lower low, which might be established on a breakdown of horizontal support plotted from January 18 low at $1,896.63.
The 20-period Exponential Moving Average (EMA) at $1,923.02 is still providing support to the Gold bulls.
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