Gold Price Analysis: Bulls looking for a discount in $1560s

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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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