Gold and Silver Technical Reports: Is Trend Reversal Afoot in XAU/USD and XAG/USD?

GOLD TECHNICAL FORECAST – BEARISH

The lack of follow-through price action in spot gold after last week’s break below vital horizontal trendline support at 1676 (coinciding with the 200-week moving average) raises some doubts about the reliability of the bearish signal. However, stalling after the break is not a sufficienton its own to conclude that the move was a false one – it could well imply a lag. While the yellow metal holds below 1676, the follow-through decline could occur next week or in due course.

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