Friday, October 15, 2010

Gold Loses Steam

Note also in the daily chart, volume has been dropping for several days, and a divergence has formed (see lower panel). This looks like a top, at least temporarily. I may be a little premature on this because the price hasn't dropped below the EMA yet, but this was an interesting reaction following Bernanke's speech this morning. I will be watching for follow-through on Sunday evening into Monday.