Chart of the Day - Friday, July 26th, 2019
July 26, 2019
Today's Chart of the Day was shared on Twitter by Andrew Thrasher (@AndrewThrasher). It's a line chart of Gold with a 14-period RSI indicator in the top pane of the chart. Gold has been breaking out to multi-year highs over the past few weeks. Despite the recent strength, Andrew points out the bearish momentum divergence that's formed. A bearish momentum divergence occurs when price makes a new high while RSI fails to make a new high. The intermediate trend is still up, however, this bearish momentum divergence suggests that Gold may need to a pullback or reset in the near-term.