#XAUUSD ANALYSIS.. BEARS WILL TAKE CONTROL..

I think, bears will dominate the market for a while.. The weekly chart of gold does not produce good signals..

First, we see the ascending broadening wedge pattern, this means bull market will be over soon.. Also, there is a negative divergence in momentum.. I indicated the support and resistance points on the chart, I think the price will decrease to POC level; $ 1320..

After the big drop in oil prices, let's leave technical indicators aside and think; do oil exporting countries have gold reserves to sell? What will be the price of gold if they start selling gold to create resources?

Disclaimer: I am not a financial advisor.. Please do your own due diligence.. Never put in money that you cannot afford to lose.. Invest at your own risk..

I wish you all the best..