Gold Price News and Forecast: XAU/USD's weekly chart momentum studies have turned bearish


Gold Price Analysis: XAU/USD eyes 38.2% Fib retracement support

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. 

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Asia Gold: Time to stash gold and leg in on drops?

With the dollar still in demand the path of least resistance for gold and silver may be lower, but the downside for both is limited from here. A lot of position length has come off the market, and this reduction may leave both metals a little more stable, as they no longer look anywhere near as over overextended as they did even a week ago. 

Risk-off sentiment favors the USD and USD assets, such as treasuries, but the yield on the US 10-year is down to 0.65%. Lower US nominal yields should eventually begin to kick favorable for bullion given past correlations.

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