Gold Technical Analysis: Set-up points to extension of the well-established bearish trend
|• The precious metal struggled to register any meaningful recovery and has been consolidating within a narrow trading range, just above one-month lows, forming a rectangular chart pattern on the 1-hourly chart.
• A Rectangle is considered as a continuation pattern that marks a pause/consolidation phase, though is not complete until a breakout has occurred and sometimes marks the end of a well-established trend - bearish in this case.
• However, given that intraday recovery attempts are sold into near 50-hour SMA, coupled with bearish technical indicators on hourly/daily charts suggest that the selling pressure might still be far from over.
Gold 1-hourly chart
XAU/USD
Overview:
Last Price: 1200.64
Daily change: -1.5e+2 pips
Daily change: -0.121%
Daily Open: 1202.1
Trends:
Daily SMA20: 1223.28
Daily SMA50: 1213.43
Daily SMA100: 1206.57
Daily SMA200: 1241.19
Levels:
Daily High: 1205.2
Daily Low: 1196
Weekly High: 1236.6
Weekly Low: 1206.3
Monthly High: 1243.43
Monthly Low: 1182.54
Daily Fibonacci 38.2%: 1201.69
Daily Fibonacci 61.8%: 1199.51
Daily Pivot Point S1: 1197
Daily Pivot Point S2: 1191.9
Daily Pivot Point S3: 1187.8
Daily Pivot Point R1: 1206.2
Daily Pivot Point R2: 1210.3
Daily Pivot Point R3: 1215.4
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