Loading ...Gold OBV
Really strong divergence right now on gold OBV. Really quite odd and may be foretelling of a strong opposite move in gold soon. OBV levels are actually lower now than when gold was at $1100 last month. These types of divergences just don’t happen much on the OBV signal. Last time we had anything like this, gold made an impulsive swing in the opposite direction.
My old weekly chart still appears relevant too.
Monthly shows possible distribution too with the A/D line comparing levels.
Not only gold Mark. I am seeing this scenario across the market in many instruments. Smelling like bull traps. But lets get some additional confirmation first, before going back short. In the meantime, I am 100% cash and waiting for the confirmation before pulling the short trigger. As you said, the structures appear first, before the price moves to the extreme, so we do not want to go short too soon, until the price finally confirms the structures are completed.
I’ve got HUI/GDX in C of a 4th wave.
Within C, iii is complete or nearly so.
iv down and v up likely remain.
Perhaps a week for each.
In this context, C waves smell bullish, but are bull traps.
update on the Gold OBV?