The momentum indicators continue to lag behind gold prices as GLD (gold ETF) pushes higher within this 60-minute bearish rising wedge pattern.
GLD 60-min Jan 16th
The recent breakout in EUR/USD has occurred with potential divergences forming on the PPO & RSI which increases the chances that this breakout might soon fail, sending the EUR/USD lower along with gold & other dollar sensitive commodities. Daily chart:
EUR-USD daily Jan 16th
As with gold & the EUR/USD, negative divergences are also building GDX (gold miners ETF) as it approaches resistance.
EUR-USD daily Jan 16th
Note: The screenshots of these charts were taken earlier today before the market open. As such, the charts of GLD & GDX reflect prices as of Friday’s close while the EUR/USD chart (Euro vs. US Dollar) is current as that pair essentially trades around the clock. The delay in publishing this post was an issue with the web-hosting provider, causing error with the website which has now been resolved.