Gold, Bottoming?
October 24th 2008 17:08
There are early indications that Gold has hit bottom.
The chart on an hourly basis (see chart) looks to have formed a base and a move above $736 would confirm a breakout from that base. Looking at the daily chart, not only does price appear to have traced out a falling wedge formation, but RSI is oversold again as it was at the last bottom at $739.80. In addition, even though Gold traded below the last low, while RSI is oversold, it did not reach the same low level which equals divergence.
UPDATE: Gold is now up $23.54 to $738!
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