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Gold looking for a resumption of our bear market
Resistance: 1463.64 minor / 1477.23 minor / 1487.79 moderate
Support: 1452.27 minor / 1440.40 moderate / 1432.25 minor
Gold has spent the last four trading days oscillating around the 21D EMA with prices just under the 61.8 Fib retracement level. From indicators we have stochastic with a bearish divergence while macd is pointing higher. At the moment we are looking for the day close, for a possible bearish signal under the 1463.64 level. In the lower time frames we have mixed signals with 4H stochastic crossing up while macd is bearish still. Hourly charts are the opposite as we top off in stochastic with a new bear cross while macd is bullish. Note that with prices just under 61.8 Fib of the previous sell-off Gold is now vulnerable for a resumption of the prior bear market. Consider that the premise of Gold’s rally over the last few years has been the idea that quantitative easing by major central banks would lead to inflation. Five years on since the Fed and others started printing money global inflation remains modest.
2013-05-01 17:46:15
Source: http://www.fxinstructor.com/blog/gold-looking-for-a-resumption-of-our-bear-market
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