A two months long bear market rally on the daily bar chart pattern of gold, triggered by sell-off in global stock markets and plummeting oil prices, may be coming to an end.
Gold's price have gained more than 5% during Jan '16 after forming a bullish 'rounding bottom' pattern - more clearly visible on the 50 day EMA. But some technical signals are flashing a bearish warning light.
The sliding 200 day EMA is providing resistance to the rally. Volumes are tapering off. Technical indicators are looking overbought. Slow stochastic has formed a 'double top' reversal pattern inside overbought zone, and showing negative divergence by touching a lower top.
-- Gold's price have gained more than 5% during Jan '16 after forming a bullish 'rounding bottom' pattern - more clearly visible on the 50 day EMA. But some technical signals are flashing a bearish warning light.
The sliding 200 day EMA is providing resistance to the rally. Volumes are tapering off. Technical indicators are looking overbought. Slow stochastic has formed a 'double top' reversal pattern inside overbought zone, and showing negative divergence by touching a lower top.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/02/gold-and-silver-charts-bear-market.html
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