Monday 12 March 2012

GOLD: Divergence

Divergence with DTosc, CCI, and MACD occurred earlier on during the European Open; will be waiting for new opening:


There is appears to be some support action occurring with the black trend line shown in the chart. This could result in a bounce upward, as it appears that gold is already in a trend. If it does not bounce back up I would expect it would drop to the next black trend line (this should be a great support given that it's a double tap both as a support and resistance):