Gold looks like it will test support

Gold looking to continue slide down through the support at the linear regression channel middle and test support on that pink trend line (both MACD and RSI seem to confirm a continued move down). RSI seems to be indicating this correction is stronger than the previous one (see notes in RSI on chart). I will be looking to see if the pink line can hold. If not the next stop would likely be the bottom of the regression channel.

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End of day. Gold is holding, but still too early to tell. Will need to watch over the next few days to get a clear signal. I do see that it crossed back above the WMA in the cRSI. That is usually a good sign that rally may be starting.

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Note that Silver seems like it maybe rallying. So that could be good for gold.

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End of Friday update and right on cue it is testing support

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1/22
Still looks bearish to me. Looks to be testing support again. Watch what it does at that red line.