New high; bearish divergence: Gold prices have made a new high for 2012, but barely. (old high: 1790.20, new high: 17905.80). However, there is some reason to believe that the gold market could be entering a consolidation or corrective period. The RSI in the daily chart has a bearish divergence with the price action. Consolidation scenario, targets: If the market does top off, a conservative target is the 38.2% retracement near 1694.24. Also note the consolidation phase in June through August. If a similar range of consolidation is to develop under the 1795.80 high, then the lower end of this range would be near ... (full story)