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.

SPDR Gold Trust ETF (NYSEARCA:GLD): -2.1%, This ETF reflects the current price and trends of Gold Bullion and so offers exposure to the gold market within a brokerage account.  The gold spot price for NYSEARCA:GLD is determined by the 24 hour global over-the-counter (OTC) gold market.  The SPDR Gold Trust ETF (NYSEARCA:GLD) is the world’s largest gold ETF and second largest ETF in existence.

iShares Gold Trust ETF (NYSEARCA:IAU): -2.1%, This ETF reflects the current price and trends of Gold Bullion and so offers exposure to the gold market within a brokerage account.  The iShares Gold Trust ETF (NYSEARCA:IAU) is backed by gold held in trusts located in London, Toronto, and New York.  The gold spot price for the iShares Gold Trust ETF (NYSEARCA:IAU) is set by the London PM Fix Price for spot gold as determined by the London Bullion Market Association.

Bottom line: Gold fell last week as technical selling took hold and investors worried about the outcome of the fiscal cliff.

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About John Nyaradi (http://www.wallstreetsectorselector.com) John Nyaradi is Publisher of Wall Street Sector Selector: Your Home For ETF Investing! John writes a weekly guest column, John Nyaradi’s ETF Edge for MarketWatch.com and his investment articles have appeared in many online publications including Trading Markets, Money Show, Yahoo Finance, Investors Insight, Fidelity, ETF Daily News, iStock Analyst , among many others. His book, Super Sectors: How to Outsmart the Market Using Sector Rotation and ETFs, is published by John Wiley and Sons and included among the Years Top Investment Books in the 2011 Stock Trader’s Almanac.