Kelvin Wong of Oanda writes in an email that the daily chart indicates that gold is about to undergo a multiweek corrective fall.The renowned market expert claims that after indicating a bearish divergence situation last Thursday, the daily moving average convergence divergence indicator signalled a bearish crossing last Friday. These findings imply that the medium-term upward trend in gold may be shifting in the direction of a potential multiweek corrective collapse, he says. Such a downturn might reveal the subsequent medium-term support region of $2,834/oz-$2,787/oz if it breaks below the intermediate support at $2,936/oz. Spot gold is now trading at $2,999.87/oz, up 0.6%.
Technical Charts Signal Gold’s Potential Multi-Week Downturn
- Date: April 8, 2025
- Time: 1:50 PM
