Gold's weekly chart momentum studies have turned bearish.
The metal risks falling to key support at $1,836.

Gold looks set to extend its recent decline to $1,836 – the 38.2% Fibonacci retracement of March to August rally – as crucial technical indicators have rolled over in favor of the bears.

The weekly chart MACD histogram, an indicator used to gauge trend strength and trend changes, is now printing a deeper bar below the zero line, a sign of the strengthening of the downward momentum.

The 5- and 10-week simple moving averages have produced a negative crossover.

Further, last week's bearish marubozu candle shows bearish sentiment is quite strong.

As such, a drop to support at $1,836 looks likely. A close above the last week's high of 1,966 is needed to invalidate the bearish outlook.

At press time, gold is trading largely unchanged on the day at $1860 per ounce. Prices fell by over 4% last week as the US dollar's broad-based recovery rally gathered pace.

Weekly chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1859.61
Today Daily Change	-2.15
Today Daily Change %	-0.12
Today daily open	1861.76

Trends
Daily SMA20	1930.4
Daily SMA50	1942.58
Daily SMA100	1845.41
Daily SMA200	1724.82

Levels
Previous Daily High	1875.23
Previous Daily Low	1852.46
Previous Weekly High	1955.66
Previous Weekly Low	1848.84
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1861.16
Daily Fibonacci 61.8%	1866.53
Daily Pivot Point S1	1851.07
Daily Pivot Point S2	1840.38
Daily Pivot Point S3	1828.3
Daily Pivot Point R1	1873.84
Daily Pivot Point R2	1885.92
Daily Pivot Point R3	1896.61

Gold Price Analysis: XAU/USD eyes 38.2% Fib retracement support