gold weekly

Gold. It looks like a similar situation to December 2016 is unfolding. there is a TK bearish cross and a death cross of 20 & 50 EMA which suggest the continuation of the dowtrend. however we have some sign that a reversal may be coming. A bullish divergence can be spotted on the RSI which is currently under 30 (oversold) . Stoch is extremely oversold and bottoming out for 3 months, the longer stays in this condition the more imminent a bounce will be. right now we are sitting on a really strong support dictate by the old piercing pattern (30/05/2016 & 10/07/2017), senkou span B cloud support and fib 0.5 support level. next week will be important to understand whether we bounce or consolidate. if it breaks this support it will likely drop down to 1190. another sign of a reversal is number of record session gold has reached. it reached 7 record session, in December 16 it reached 6 and than formed a doji culminating in a sharp bounce. Looking forward to see what it will happen this week.