Not to mention the QUADruple bearish divergence in the RSI. Simply signals that every rally is being driven with less force behind it.
Have to be honest and say I have only seen quadruple bearish divergences a few times over the past 5 years and have NEVER seen a quintuple (?) bearish divergence.
Also worth noting that while the USD index reached slightly higher than its previous high of this BEAR market rally (just above 88 as compared to just below 88), gold actually held $20 above its previous low.
Technically the charts really are indicating a turn. Everything I learnt in my Diploma of TA tells me that. As mentioned, quadruple bearish divergence, double top, gravestone doji, failure of confirmation of new low in gold with new high in USD, bearish divergence in MACD and Slow Stocs. Thats enough signals to bet the house on!
In any normal market the chart is SCREAMING - REVERSAL OF TREND, REVERSAL OF TREND.
But this is no normal market. That however doesn't mean what the charts are saying are about to happen, won't happen.
If there is now a fall below the trough in the double top at 83, that will be it. And about BLOODY time too!
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