Gold Price Analysis: XAU/USD eyes 38.2% Fib retracement support NEWS | 26 minutes ago | By Omkar Godbole

  • 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. 

Source from https://www.fxstreet.com/news/gold-price-analysis-xau-usd-eyes-382-fib-retracement-support-202009280117

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