- Gold top in the making with a weekly shooting star and weekly divergence.
- H&S in the making, or follow through below 1530 and 1440 support levels.
- Bulls will be looking for a discount is momentum holds the support line.
Huge weekly divergence
Bears looking for a 50% retracement since divergence
The price of gold has been found floundering between 1580 and the 1560s following a surge at the start of the year to the highest levels since March 2013 at $1,611. However, the divergence on the weekly chart between momentum and price is alarmingly and a break in price to the downside could be the trigger for a top for the medium term with a downside target of 1530 ahead of 1440/50. On the other hand, bulls will be looking for a dicount here and preying price holds up and corrects higher again.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.