Gold Technical Analysis: trendline support exposed after range breakdown
|- Gold is currently trading largely unchanged on the day at $1,282.
- The yellow metal fell by $12 or 0.8 percent on Friday, confirming a downside break of the two-week long narrowing price range.
- An extended period of consolidation is often followed by a big move in the direction of the breakout.
- As a result, gold could soon drop to the support of the trendline connecting the Nov. 13 and Nov. 28 lows. At press time, that support is seen at $1,264.
Daily chart
- Validating the bearish view put forward by the range breakdown is the bearish crossover between the 5- and 10-day moving average (MAs) and the ascending trendline breakdown on the 14-day relative strength index (RSI).
Trend: bearish
XAU/USD
Overview:
Today Last Price: 1281.46
Today Daily change: 0.66 pips
Today Daily change %: 0.05%
Today Daily Open: 1280.8
Trends:
Daily SMA20: 1283.9
Daily SMA50: 1252.63
Daily SMA100: 1233
Daily SMA200: 1228.8
Levels:
Previous Daily High: 1292.56
Previous Daily Low: 1280.65
Previous Weekly High: 1295.9
Previous Weekly Low: 1276.2
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Daily Fibonacci 38.2%: 1285.2
Daily Fibonacci 61.8%: 1288.01
Daily Pivot Point S1: 1276.78
Daily Pivot Point S2: 1272.76
Daily Pivot Point S3: 1264.88
Daily Pivot Point R1: 1288.69
Daily Pivot Point R2: 1296.57
Daily Pivot Point R3: 1300.59
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