Spot gold holds key Fib. retractment - but bearish forces strong

Spot gold held it's longer term uptrend channel starting from the August 13, 2018 low of 1160.37. In the same period the Friday low also held the 38.2% Fibonacci retracement level of 1275.43. The chances of spot holding this line look very slim, especially with the inverted hammer candle on this weekly chart.
Weekly and daily MACD are also negative. Weekly RSI has also slipped below 50. The yellow metal might have to test the longer-term uptrend line around 1184.00.

The continuous contract gold futures still have some downside in the same channel.