gold, page-22940

Below is a weekly chart of the Gold cfd.

Gold has continued its rally up to the top of the 1228 - 1238 S/R area. When we get a BO, a rip up to 1300 could occur quickly with only the 1280 - 1288 S/R area to offer some resistance. Current weekly momentum is still bearish though continues to rapidly decrease as it has since late-December. Momentum appears set to commence bullish expansion shortly.

The MACD formed a bearish down-cross with expanding negative histogram several months ago, however, over the past few weeks bearish momentum has rapidly decreased and may form a bullish up-cross within the next couple weeks. Stochastics formed bearish lower-high's during early-2H16 before becoming OB (<80). Bearish lower-high's continued throughout 2H16 until entering the bearish continuation region (<20). Has recently become oversold (>20) with weekly momentum bullish increasing.