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The chart above shows 3 years weekly chart of Gold continuous contract ($GOLD). Since gold price peaked on March 08 all new consecutive highs are always lower. The same is valid for new lows. This shows short term bearish pattern.

From long-term perspective gold has technically two indicators to watch out. First it is 50 weeks moving average and second is horizontal support / resistance line at $720-730. Strong support line (50 weeks moving average) has been broken on July 08. Until now there were two unsuccessful retest for rebound. As the price stays still in territory above strong support line ($720-730) but below 50 weeks MA, the long term view is neutral.

Related tickers: (UBG), (GOE), (IAU), (DGP), (DZZ), (DGL), (DGZ), (UGL), (GLL), (GLD),

The Gold Big Picture.

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