This simple weekly chart for gold highlights the peak moves above the 65 week MA. Note that each time price deviated higher it had to snap back for relief as shown by the thick red lines. The deviation in August helped reinforce the top call for gold along iwth negative divergence. Price did not disappoint, collapsing sharply from that 1900+ level.
The 65 week MA is important since price always ventures back for a touch, like going home for some of Mom's home cookin', price always returns to the 65 week MA. Price has been elevated above the 65 MA for about three years now so a move down would be in order. The 65 MA is at 1506 and sloping upward. When price comes back down it typically overshoots, so the target range of 1400-1550, shown by the blue lines representing critical horizontal support, is easily doable in the coming weeks and months.
The thin red lines show the upward sloping lower trend line that is holding steady. The trend line over the last six months, however, has failed. If price falls thru that long thin red trend line, that is very bearish. Projection is for gold to touch that 65 week MA in the days, weeks and months ahead.
For gold chart use search box above for keystone speculator.