Gold is potentially going up this week, but it needs to go down a little bit for some correction and consolidation before it continues further up. This scenario is supported with Bullish Divergence with neckline around 1668 (thick red line) as the bullish confirmation . As long as the price doesn't break and remains below 50% Fibonacci then this scenario will valid through the week. Otherwise the price will flip back to the downside and testing last week Low.
Monday, March 26, 2012
GOLD | Weekly Outlook
Gold is potentially going up this week, but it needs to go down a little bit for some correction and consolidation before it continues further up. This scenario is supported with Bullish Divergence with neckline around 1668 (thick red line) as the bullish confirmation . As long as the price doesn't break and remains below 50% Fibonacci then this scenario will valid through the week. Otherwise the price will flip back to the downside and testing last week Low.
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