Weekly technical picture is really interesting! For the last 3 weeks gold
has been attacking severely a key resistance zone
made of the confluence of multiple technical indicators: upper bound of a mid-term down trending channel and the 200 weekly EMA
The weekly candlestick
is a doji
, it's a sign of indecision and can often be interpreted as a reversal signal especially after a strong rally as the one we have seen recently.
oscillator is also deeply overbought meaning that the upside potential is now limited.