{"id":5450,"date":"2024-08-28T07:57:38","date_gmt":"2024-08-28T07:57:38","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=5450"},"modified":"2025-05-14T09:20:43","modified_gmt":"2025-05-14T09:20:43","slug":"gold-aug-28-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/","title":{"rendered":"Gold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion"},"content":{"rendered":"\n

After consistently forming all-time highs after all-time highs, Gold has begun to show signs of slowing momentum. This is partly because the markets are currently in indecision mode; as they are waiting for the Nvidia Earnings Report announcement today<\/a> for further insights as to whether to take a Risk-On or Risk-Off approach to investing\/trading.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

On the daily timeframe, Gold has created bearish RSI divergence<\/a> with a tightening range \u2013 potentially signalling a rising wedge formation.<\/p>\n\n\n\n

The last time a bearish divergence occurred on Gold, a downside move of -6.62%, or -1,622 pips, soon followed after. Will this time be different?<\/p>\n\n\n\n

Potential Double Top on 4H Timeframe with Bearish RSI Divergence<\/h2>\n\n\n\n

Zooming into the 4H chart, we can see several factors that may bring a halt to Gold’s bullish luster.<\/p>\n\n\n\n

A bearish RSI divergence has formed from between Mid-July to Mid-August, where the RSI formed a lower high as the price forms a higher high at approx. $2,531.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

After forming the ATH (All-time High) at $2,531, Gold experienced a brief dip towards to the 4H 50-period exponential moving average<\/a> (green line), where it found strong support. This drove prices back towards the ATH, where it faced two additional rejections before now consolidating at a rising trendline.<\/p>\n\n\n\n

This price action hints at a possible formation of a double top<\/a>, providing traders with a clear short trade opportunity<\/strong> if the price is able to break the neckline at $2,474.30.<\/p>\n\n\n\n

The measured move target for this Double Top Pattern is $2,416.58, marking a 578 pips move. If the price moves beyond the measured move target, there are few extended support levels to watch.<\/p>\n\n\n\n

SUPPORT LEVELS TO WATCH ON GOLD<\/strong><\/td><\/tr>
Double Top Neckline – Watch for a Short Opportunit<\/strong><\/mark>y: $2,474.30<\/mark> <\/strong>
\u2022 Measured Move Target:<\/strong> Approx. $2,416.58
\u2022 Value Area High:<\/strong> Approx. $2,371.87
\u2022 Point of Control:<\/strong> Approx. $2,327.98
\u2022 Significant Previous Low: <\/strong>Approx. $2,286.81<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

To see these extended levels clearly, refer to the daily timeframe chart posted above.<\/p>\n\n\n\n

\n\n\n\n

You may also be interested in:<\/em><\/strong><\/p>\n\n\n\n

GBP\/USD Elliott Wave: Cable\u2019s Climb is Pound-ing the Dollar<\/a><\/p>\n\n\n\n

CHF\/JPY Poised for a Breakout<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold is struggling at the all time highs with a bearish divergence, and a possibility of a double top on the 4 hour time frame.<\/p>\n","protected":false},"author":159,"featured_media":5451,"parent":0,"comment_status":"closed","ping_status":"closed","template":"","market_insights_categories":[18],"class_list":["post-5450","market_insights","type-market_insights","status-publish","has-post-thumbnail","hentry","market_insights_categories-chart-of-the-day"],"acf":[],"yoast_head":"\nGold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion - Alchemy Markets<\/title>\n<meta name=\"description\" content=\"Gold is struggling at the all time highs with a bearish divergence, and a possibility of a double top on the 4 hour time frame.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion - Alchemy Markets\" \/>\n<meta property=\"og:description\" content=\"Gold is struggling at the all time highs with a bearish divergence, and a possibility of a double top on the 4 hour time frame.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Alchemy Markets\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-14T09:20:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/COTD-24.08.28.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Ber\u00e4knad l\u00e4stid\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minuter\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion - Alchemy Markets","description":"Gold is struggling at the all time highs with a bearish divergence, and a possibility of a double top on the 4 hour time frame.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/","og_locale":"sv_SE","og_type":"article","og_title":"Gold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion - Alchemy Markets","og_description":"Gold is struggling at the all time highs with a bearish divergence, and a possibility of a double top on the 4 hour time frame.","og_url":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/","og_site_name":"Alchemy Markets","article_modified_time":"2025-05-14T09:20:43+00:00","og_image":[{"width":1792,"height":1024,"url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/COTD-24.08.28.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Ber\u00e4knad l\u00e4stid":"3 minuter"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/","url":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/","name":"Gold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion - Alchemy Markets","isPartOf":{"@id":"https:\/\/alchemymarkets.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/#primaryimage"},"image":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/COTD-24.08.28.png","datePublished":"2024-08-28T07:57:38+00:00","dateModified":"2025-05-14T09:20:43+00:00","description":"Gold is struggling at the all time highs with a bearish divergence, and a possibility of a double top on the 4 hour time frame.","breadcrumb":{"@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/#breadcrumb"},"inLanguage":"sv-SE","potentialAction":[{"@type":"ReadAction","target":["https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/"]}]},{"@type":"ImageObject","inLanguage":"sv-SE","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/#primaryimage","url":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/COTD-24.08.28.png","contentUrl":"https:\/\/alchemymarkets.com\/wp-content\/uploads\/2024\/08\/COTD-24.08.28.png","width":1792,"height":1024},{"@type":"BreadcrumbList","@id":"https:\/\/alchemymarkets.com\/education\/market-insights\/chart-of-the-day\/gold-aug-28-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/alchemymarkets.com\/"},{"@type":"ListItem","position":2,"name":"Market Insights","item":"https:\/\/alchemymarkets.com\/education\/market-insights\/"},{"@type":"ListItem","position":3,"name":"Gold Losing Its Shine? 4H, Daily Chart Hints at Exhaustion"}]},{"@type":"WebSite","@id":"https:\/\/alchemymarkets.com\/#website","url":"https:\/\/alchemymarkets.com\/","name":"Alchemy Markets","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/alchemymarkets.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"sv-SE"}]}},"_links":{"self":[{"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/market_insights\/5450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/market_insights"}],"about":[{"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/types\/market_insights"}],"author":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/users\/159"}],"replies":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/comments?post=5450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/media\/5451"}],"wp:attachment":[{"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/media?parent=5450"}],"wp:term":[{"taxonomy":"market_insights_categories","embeddable":true,"href":"https:\/\/alchemymarkets.com\/sv\/wp-json\/wp\/v2\/market_insights_categories?post=5450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}