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Gold: technical overview

Gold spent the week in the $1400/1340 sideways range. XAU/USD is consolidating at the bottom of a descending channel, existing since 2011. As can be seen from the monthly chart, gold is testing the levels below the 50-month EMA ($1414 per ounce).

The next strong support lies at $1300 (38.2% Fibo from the 2000-2011 growth). Slide below this level would open the way for further losses towards $1150. Our medium-term outlook remains bearish below $1520. 

Chart. Daily XAU/USD

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