Gold’s weekly chart momentum studies have turned bearish. The metal risks falling to key support at $1,836. Gold looks set to extend its recent decline to $1,836 – the 38.2% Fibonacci retracement of March to August rally – as crucial technical indicators have rolled over in favor of the bears. The weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, is now printing a deeper bar below the zero line, a sign of the strengthening of the downward momentum. The 5- and 10-week simple moving averages have produced a negative crossover. Further, last week’s bearish marubozu candle shows bearish sentiment is quite strong. As such, a drop to support at $1,836 looks likely. A close above the last week’s high of 1,966 is needed to invalidate the bearish outlook. At press time, gold is trading largely unchanged on the day at $1860 per ounce. Prices fell by over 4% last week as the US dollar’s broad-based recovery rally gathered pace. Weekly chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets yuan reference rate at 6.8252 FX Street 2 years Gold's weekly chart momentum studies have turned bearish. The metal risks falling to key support at $1,836. Gold looks set to extend its recent decline to $1,836 – the 38.2% Fibonacci retracement of March to August rally – as crucial technical indicators have rolled over in favor of the bears. The weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, is now printing a deeper bar below the zero line, a sign of the strengthening of the downward momentum. The 5- and 10-week simple moving averages have produced a negative crossover. Further, last week's bearish… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
