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Gold Weekly Forecast ( January 9-13)

Daily chart analysis
The Gold price is in a retracement mode. It is still below EMA50. The downtrend will continue if the price falls below Fibo 38% ( 1171). Gold will return to uptrend if rises above EMA 50 (1188).

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8 hour chart analysis
According to the 8 hour chart, the price is into a range at this moment between 1183 and 1170. The downtrend is still below EMA200 (1205). The MACD will soon be negative and the downtrend will continue if the price breaks out of its range at 1170.

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