Weekly chart- we look like we could be tracing out another bearish divergence. This would occur on the next up week with a tick down in the MACD histogram.
Daily- we have no bullish divergence on the chart. This isn't a signal of a strong bottom from level of force index. The MACD histogram has already retraced where downturns occur. If we go higher today with less MACD power this next leg down could get ugly.
Hourly- This rally is getting long in the Tooth, The 10 ema is about to cross the 20 sma.
Last night gold sold off hard. I read about this news in the economist 2 weeks ago. Gold must have rallied on the Afghanistan offensive and now traders are remembering that the IMF is selling Gold. After this little pullback I believe all the news will be baked in. Will nibble a little gold long soon.
On this next pull back will look to buy some oil also.
Isn't what Europe wants Greece to do deflationary?
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