Weekly Gold chart shows weak technicals
Last weekend was warned of an imminent drop in Gold, which happened just on Black Friday.
The weekly gold chart suggests that price is lagging its indicators as
MACD is cutting down into bearish territory fast
Price Strength is similarly pushing down with momentum
Some net buying from Non-Commercials (orange line)
More net selling from the Top8 traders
Having broke down two supports, the next is on the 55EMA, about 1760.
And downside target is 1640 towards the end of 2020.
The weekly gold chart suggests that price is lagging its indicators as
MACD is cutting down into bearish territory fast
Price Strength is similarly pushing down with momentum
Some net buying from Non-Commercials (orange line)
More net selling from the Top8 traders
Having broke down two supports, the next is on the 55EMA, about 1760.
And downside target is 1640 towards the end of 2020.
