Gold is trading in the red near $2,017 per ounce at press time, having put in a record high of $2,075 on Aug. 7.
The pullback has confirmed the bearish divergence of the daily chart slow stochastic indicator. A bearish divergence occurs when an indicator prints lower highs against higher highs on price and is widely considered a sign of ebbing of bullish momentum.
The 14-day relative strength index (RSI) is also echoing similar sentiment with an above-70 or overbought reading.
The yellow metal risks falling to the ascending 10-day simple moving average (SMA) support located at $2,007. A violation there would expose the psychological support of $2,000.
On the higher side, the hourly chart lower high of $2,049 is the level to beat for the bulls. A break higher would open the doors for a re-test of the record high of $2,075.
Daily chart
Reprinted from Fxstreet，the copyright all reserved by the original author.
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