Potential rebound for gold

Gold rejected the 2000 resistance level and formed a higher peak on the hourly chart. However, there is a noticeable divergence on the momentum indicator, indicating a weakening momentum. It is also worth noting that the price is approaching the upper edge of the ascending channel and the monthly trend line. We can wait for a break of the small local trend line (neckline of the two peaks) before the price starts to descend towards the previous support, which is also the lower edge of the ascending channel and the 50 and 100 moving averages on the hourly chart. It is possible for the price to rebound from there and continue to trend upwards, based on our previous analysis of gold.

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