GOLD Weekly Chart with 65 Week MA

GOLD weekly chart higher highs but showing negative divergence more in keeping with a chart topping and rolling over. The Middle East turmoil has bounced gold about $80 in the last three weeks. Large gap at 1388-1405. The 65 week MA, a magnet for gold, is sloping up to form a confluence with horizontal support in the 1250-1260 area.

Gold is emotional these days trading directly off news releases--and rumors. Stay strapped in for this one, gold should be topping and rolling over as long as the M.E., and especially Bahrain, does not erupt in violence. Should the world turmoil continue, gold will stay buoyant. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.