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Possible Hammer at 78.6% Fib and 123p Support

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This chart is all the more interesting when we also consider the gold chart. What we appear to have is a hammer at the 78.6% Fib and the long term 123p support.

In addition, despite the short term uptrend channel breaking down, the RSI uptrend remained intact. Further to that, in my experience, it's exactly this touch on the RSI uptrend formed from the bullish divergence (or bearish divergence in downtrend cases) which usually provides the best entry point.

It'll be very interesting to see if this follows through next week after gold hit the medium term target of $1265 on Friday.
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Guest Wednesday, 10 August 2022