Gold ETFs fall for the week on technical selling and worries over the fiscal cliff.
Gold ETFs were mostly lower all week as the precious metal closed the week at $1717/oz.
SPDR Gold Trust (NYSEARCA:GLD) finished the week 2% lower and lost 0.7% on Friday.
Gold and gold ETFs encountered heaving selling on Wednesday as futures dealers dumped their positions and triggered stop loss orders.
Gold and gold ETFs continue to be rattled by the fiscal cliff debate as the two sides square off and little progress apparently is being made.
chart courtesy of StockCharts.com
A quick look at the chart of SPDR Gold Trust (NYSEARCA:GLD) shows us that the gold ETF is below its 50 day moving average and that RSI and MACD are both curving downwards, indicating declining relative strength and momentum. Daily MACD is now on a “sell” signal and the 50 day moving average is curving over to form a downward trajectory which is typically a negative development for upward movement in gold.
Weekly Gold ETF Update:
Gold Spot Price: $1770/oz. -1.9% for the week ending November 30th.