Showing posts with label weekly. Show all posts
Showing posts with label weekly. Show all posts

Wednesday, February 27, 2008

Negative Divergences in Gold

Here ya go, Cuadra G. They're slight, but they're valid, I'm pretty sure. Gold has been charging ahead. With the latest breakout $1000 is in reach by the measured move. Being a pretty large psychological barrier, I wouldn't be one bit surprised if it hits $1000 and then has a $50-100 correction. You can see how in the Weekly RSI it barely dipped back into the regular range before the next breakout sending it back into overbought. I expect it's not done yet, but it's good to be aware of at the same time.

I took some time to look for an article Chris wrote once. I thought it was in the Start Here section of CRISS, but I didn't find it. In it, he was commenting on how a recently run through correction had brought the indicators close to oversold which was good, but the Weekly RSI only got to the 50-line and I forget what the MACD was doing. Anyways, the dailies looked good, but the weeklies were cause for concern, that's why I found the weekly gold so interesting.