Gold Price News and Forecast: The yellow metal remains under bearish pressure

FXStreet Team FXStreet

Gold Technical Analysis: The precious metal is under pressure near four-month lows

Gold daily chart

On the daily time frame, gold is under pressure near the November lows while trading below the 1465 resistance and the 50 and 100 SMAs. If the sellers break the 1445 swing low, the market could decline further towards the 1400 psychological mark near the 200 daily SMA.

Gold Technical Analysis: Remains vulnerable to retest monthly lows, around $1445 region

Gold failed to capitalize on the early attempted positive move and has now drifted to the lower end of its daily trading range, well within the striking distance of two-week lows set on Tuesday.

Given the commodity's recent pullback from multi-year tops and a subsequent break through the key 100-day SMA support, the near-term technical set-up remains firmly in favour of bearish traders.

XAU/USD

Overview
Today last price	1456
Today Daily Change	1.09
Today Daily Change %	0.07
Today daily open	1454.91

Trends
Daily SMA20	1473.56
Daily SMA50	1487.81
Daily SMA100	1483.96
Daily SMA200	1400.07

Levels
Previous Daily High	1463
Previous Daily Low	1452.8
Previous Weekly High	1478.86
Previous Weekly Low	1456.54
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1456.7
Daily Fibonacci 61.8%	1459.11
Daily Pivot Point S1	1450.8
Daily Pivot Point S2	1446.7
Daily Pivot Point S3	1440.6
Daily Pivot Point R1	1461.01
Daily Pivot Point R2	1467.11
Daily Pivot Point R3	1471.22

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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