Gold weekly chart rose at the end of december rally test 1955 resistance but could not break 1972 level which in November monthly high.
Bar “C” & “D” formation signs for further weakness in gold. sudden gold weakness occurred due to immediate strength in usd dollar. Commercials 97% shorts in usd dollar which is extremely bearish and reversal for usd dollar.
Gold with daily time frame double top formed around 1955-57. Bar “A” key reversal bar made a new high closed off the low indication for bearish momentum in gold. Bar ” 1900 support area for buying broker down and price reached up to 1817 area.
Bar “C” key reversal bar indication for strength but due to weakness in weekly time frame (larger time frame),price hold below 1860 area. Bar “C” low 1817 suspect weak support, in case of break 1817 suspect to 1878 for accumulation again.
Resistances: 1852, 1860 next resistance level 1888 should hold for bearish momentum.
Supports: 1817, next downside level 1800 and 1878 if breaks 1800 level.