GOLD Regular Bullish Divergence at W L3 Support

The Gold has made a big drop towards the W L3 level where it found a support. However the MACD is showing a regular divergence at the bottom. We can also see a descending trend line that marks a potential bullish breakout. The divergence will become valid if the Gold breaks and closes above the red descending trend line ( around 1275) and that could push the pair up. However a close below 1270 could make a divergence invalid and the Gold should drop towards 1266 and 1260.

GOLD Regular Bullish Divergence at W L3 Support

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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This article was originally posted on FX Empire

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