XAU/USD eyes 38.2% Fib retracement support

 

  • Gold’s weekly chart momentum studies have turned bearish. 
  • The metal risks falling to key support at $1,836. 

The market prediction is according to TopAsiaFX.

Gold looks set to extend its recent decline of 1 $ 836 – the 38.2% Fibonacci rally from March to August – the crucial technical indicators have rolled over in favor of the bears.

The weekly chart histogram MACD, an indicator used to gauge changes resistance trend and trend, now prints a deeper bar below the zero lines, a sign of the strengthening of the downward trend.

The product has a simple moving average crossover negative 5 and 10 weeks.

Moreover, Marubozu's bearish candle last week shows bearish sentiment is strong enough.

As such, lower support at $ 1836 seems likely. A close above last week’s high of 1966 is necessary to invalidate the bearish outlook.

At press time, gold is trading largely unchanged over the day at $ 1,860 per ounce. Prices fell more than 4% last week that the generalized recovery rally in the US dollar has accelerated.

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