The Price of Gold Is Droping

Gold recently entered into a tangle period. Can be said to use "forward five steps, three steps back" to describe the appropriate. Statistics show that since the March 13 period of the week, gold prices closed higher for 5 weeks.
Gold's uptrend prompted the gold price to move from below 1200 to just below 1300. Gold on the 17th week of the week to build the top, had seen 1297, then slightly lower, the week closed at 1288. In the next week the price of gold opened at 1279, closing down 11 dollars to 1268.
Gold's shortening pressure last week was markedly higher, recording the biggest weekly decline so far this year. Gold fell nearly $ 40 last week, gold found preliminary support, and closed at 1227 levels. In the past three weeks, gold selling pressure led to gold fell, taking the past five weeks rose nearly 78%.
Although the gold week hit a low of $ 1221 / ounce, but the line is still closed. Friday's report focused on whether the technical level to determine the recent selling pressure to continue and whether the price of gold to find the possibility of support.
The initial technical study focused on the continued selling pressure, which shows that gold fell below the 50 and 500 day moving average. Preliminary technical studies have shown that the recent decline in gold prices since the March 13 to take the gains of 61.8%.
And the current focus is whether the gold price can hold or fall below the 78% retracement 1217. If the gold price is confirmed this week and close above the above level, this means the end of the selling pressure, which has fallen in gold over the past three weeks.
Of course, on the contrary, if the price of gold below 1217 level implies a further downside selling pressure, more importantly, this means that the recent price of the downward is the bear market to return, rather than correction.
With the further reduction in hedging demand, gold fell to nearly 8 weeks low. Gold once dropping 100 days moving average, but still tenacious hold. The world's largest gold traded fund SPDR GOLD Trust GLD gold positions on Monday fell 0.14% on Friday, while the world's largest silver trading fund iShares Silver Trust SLV positions flat.