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SPDR Gold Shares Message Board

  • keybotthequant keybotthequant Sep 9, 2011 4:29 PM Flag

    GOLD Weekly Chart Overbot Negative Divergence

    Gold weekly chart finally in position to roll over and die. The gold daily chart has already topped and rolled over and for the last couple weeks we have been waiting for the weekly chart to develop. Note the money flow is in firm negative divergence across the one year time frame and one month time frame. From May to August, however, the green lines for the money flow, MACD, MACD histogram and RSI all wanted to see one more price high before they roll over for good. Thus, price has come back up to print that higher high over the last week and the indicators are now agreeable to give up the ghost. The RSI carries a lot of clout and it is now in negative divergence wanting to spank price down.

    Next week is going to be the most interesting week in gold trading that anyone will have seen in a long time. The daily and weekly charts are now lined up across the board to smack gold price down, and, if the CME raises margins, this will only acclerate the down move. Gold price, however, will fall from here regardless of what the CME does, a move by the CME will only exacerbate the fall. So place gold on your list of things to watch next week, the move should be quite dramatic off the recent top. An intial target would be the S/R at 1750 which should happen in quick order then lower from there.

    For Gold chart use search box above for keystone speculator.

 
GLD
113.05-1.61(-1.40%)Apr 24 4:00 PMEDT