Gold Weekly Technicals

A trend line from early 2011 was broken last week as gold remained in the down trend channel that has persisted since the QE3 announcement in September.

There is some support at 1600 and more in the low 1500’s.  The 35 week exponential EMA remains a limiter.  MACD went red and so did the weekly trend by AROON.

gold
Au Weekly Chart

That is all there is.  The economy is in a growth phase of some sort and gold has resumed its role as counter-cyclical and ‘risk off’ asset in a hopeful world.  Reading more into it at this time is a waste of energy in my opinion.

[edit] With the weekly trend down and gold failing to rise during the global macro currency Whack-a-Mole competition, people might want to be prepared for some downside targets.  Targets are always just possibilities here at the site that refuses to make predictions.  But a breakdown below 1525 would measure to below 1300 on Au, just as a break above 1800 would have measured to above 2000.

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