Technical Analysis of Gold Prices: Breakdown Downward, Weekly Loss Inevitable

Gold prices are facing headwinds and tailwinds, more than can be summarized, pushing the precious metal in all directions. The landscape is no longer easy, at least for now, and gold is not moving in one direction as it was at the beginning of the year. Ultimately, the "last prevailing winds" will determine the direction gold will take. Nevertheless, investors should continue to monitor the $3160 area to assess whether the rise in gold is still viable and sound.