Gold Weekly Chart Update: October 7 2012

This is the update on the XAUUSD weekly chart. At last, the colored MACD signal turns into red, and the MACD formed a nice round top formation.



After tried to break above the 1800 in at least three weeks, the chance is good that the XAUUSD price to slow down a bit. The potential pullback to EMA 8 (around $1730) is anticipated, a break lower could send the XAUUSD down to EMA 21 (around $1680).

This is the update for Oct 9