GOLD: will it hold before the weekend?
Hello all. Looking at GOLD commonly quoted in USD as (XAU/USD) on the weekly timeframe, we see that the yellow metal has broken under the rising trend line and the 50 week EMA.
Further downside could spell trouble for gold.
If the price plummets below the support line at $1800, the yellow metal can see another 7.5% drop and head towards the 200 week EMA.
The 200 week EMA which corresponds with the $1600 level can be a good buying position yet again.
Remember, gold price tends to increase as stocks and bonds decline.
Thanks for reading, and stay tuned. Enjoy.
Further downside could spell trouble for gold.
If the price plummets below the support line at $1800, the yellow metal can see another 7.5% drop and head towards the 200 week EMA.
The 200 week EMA which corresponds with the $1600 level can be a good buying position yet again.
Remember, gold price tends to increase as stocks and bonds decline.
Thanks for reading, and stay tuned. Enjoy.
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