This week is going to be an interesting week.
The week before last gold printed a bullish Marubozu candlestick with a breakout. But last week there was no follow through. We had a red doji candlestick. And the beginning of this week we are coming down again.
We have divergence between price and the RSI. WHile we had a higher high in price RSI was not able to move higher into the overbought territory. Also MACD looks week to me.
I'm starting to believe that the breakout was a fake move to get more bulls on board before we get a seriuos correction at the end of the new bull market's first stage...
This week should give us the answer: Will gold rally against the strengthening dolar and soaring stock markets?
I don't think so.
The week before last gold printed a bullish Marubozu candlestick with a breakout. But last week there was no follow through. We had a red doji candlestick. And the beginning of this week we are coming down again.
We have divergence between price and the RSI. WHile we had a higher high in price RSI was not able to move higher into the overbought territory. Also MACD looks week to me.
I'm starting to believe that the breakout was a fake move to get more bulls on board before we get a seriuos correction at the end of the new bull market's first stage...
This week should give us the answer: Will gold rally against the strengthening dolar and soaring stock markets?
I don't think so.
Comment:
PS.: Thank To NEXUZ for the weekend discussion on gold's weekly chart.
As soon as I see the sign I will launch Gold's daily post. I want to be 100% sure the daily cycle top is in. Now I'm 95% sure that gold's intermediate decline has started.
Bulls have to face a serious decline this week.