Gold: Divergence Indicates Possible Recovery

The primary view on gold has not changed and this is a daily complementary analysis for shorter term trades. Gold is entering into a deeper correction which initially targets 23.6% retracement of the 2016 rally and lower levels later on. 

Gold Daily Chart - July 25, 2016

The down wave (Expected to be wave A) is complicated up to now and it is not clear yet on whether will it be of an a-b-c form or impulsive one. Price action from Brexit up to now has formed a head and shoulders, and the neckline is being tested for the third time.

However, divergence in ...Read More