Gold Technical Analysis: Fails to capitalize on Friday’s bullish break through descending trend-channel
|• The precious metal struggled to build on Friday's bullish breakthrough a descending trend-channel and has now erased a major part of the gains recorded over the past two trading sessions.
• The commodity's inability to preserve/build on the momentum beyond 200-hour SMA points to the reemergence of fresh selling pressure amid the continuation of the recent USD rally.
• Technical indicators on hourly charts have been gaining negative momentum, albeit maintained their bullish bias on the daily chart and warrant caution before placing aggressive bearish bets.
• Hence, any subsequent fall might continue to find decent support near the $1300 psychological mark, which if broken might negate any near-term positive bias and turn the commodity vulnerable.
XAU/USD
Overview:
Today Last Price: 1307.9
Today Daily change %: -0.49%
Today Daily Open: 1314.36
Trends:
Daily SMA20: 1300.04
Daily SMA50: 1277.87
Daily SMA100: 1249
Daily SMA200: 1231.02
Levels:
Previous Daily High: 1315.7
Previous Daily Low: 1300.1
Previous Weekly High: 1322.3
Previous Weekly Low: 1300.1
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1309.74
Daily Fibonacci 61.8%: 1306.06
Daily Pivot Point S1: 1304.41
Daily Pivot Point S2: 1294.46
Daily Pivot Point S3: 1288.81
Daily Pivot Point R1: 1320.01
Daily Pivot Point R2: 1325.66
Daily Pivot Point R3: 1335.61
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