- 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
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