Since the beginning of the year, gold is up +13%. The current price at $1403 is on 2013 levels.
On the weekly chart above we can easily spot the explosion in gold since early June. Only this last week, gold is up more than +6%. We are trading at August 2013 levels, RSI sitting on 80, highly overbought, and the price is +11% from the 200 day moving average.
The daily chart for gold is almost the same as weekly. RSI is on 88, deeply overbought territory, and according to the volume, it looks like time for reversal is near.
On H1 chart we have an interesting situation. We have a Doji, RSI is under 70 level, but MA25 is still a support level.
We are getting tempted to short the shiny metal here.
There are inverse ETFs that benefit from a potential decline in gold prices. The below chart shows the inverse ETF DZZ.
You can find a list of those at etfdb.com.
Source, MT5 and TradingView
