Gold prices Set to Decrease
July 17th, 2009 Posted in Oil and Precious Metals, Technical Analysis
• The charts below are the 4-hour chart and daily chart for Gold by ForexYard.
• The technical indicators used are the Slow Stochastic, RSI and MACD.
• Point 1: The MACD on the 4-hour chart indicates a bearish cross, signaling that the next move maybe in a downward direction.
• Point 2: RSI signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 3: The Slow Stochastic on the daily chart also supports the downward direction.
Gold 4-Hour Chart
Gold Daily Chart
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Tags: blog, forex blog, Gold, gold forcast, gold prices, MACD, RSI, Stochastic, Technical Analysis
