Gold: short term: long, long term: short

Gold is going to set for a rebound. The negative momentum is absorbed and. For a continuation of the rebound, gold has to break the declining trend line. There is now positive divergence but the chance that gold set al lower top in the medium term is very likely present. The targets for the short term are 1237, 1246 and 1258. Above these levels gold can reach a higher level and break the declining short term trendline. But the risk that golds top with negative divergence is my basis scenario. If negative divergence becomes more present, a new leg down is ineluctable.

Comment:

Gold jumps to the first resistance.

Comment:

Next target is 1246.

Comment:

Data of housing market US can mean the end of the leg up of gold now!

Trade closed: target reached:

Gold reached my target (1256-1259) range.