Gold Price Analysis: Bears challenge 100-period SMA support on 4-hourly chart

Gold drifts lower through the mid-European session on Thursday.
Bears now await a break below weekly lows, around $1546 region.

Haresh Menghani FXStreet

Gold failed to capitalize on the overnight intraday bounce and started retreating from the vicinity of a one-week-old ascending trend-channel support breakpoint.

The commodity edged lower through the mid-European session and is currently placed near 100-period SMA support on the 4-hourly chart, around the $1553 region.

Some follow-through selling, leading to a subsequent weakness below weekly lows – around the $1546 region – might now be seen as a key trigger for bearish traders.

The precious metal then might extend its recent pullback from multi-year tops and accelerate the slide further towards monthly swing lows support near the $1536-35 region.

The downward trajectory could further get extended towards a previous strong horizontal resistance breakpoint, now turned support near the $1515-14 zone.

On the flip side, the mentioned support-turned-resistance, around the $1564-65 region might continue to act as an immediate hurdle ahead of $1568-69 area (weekly tops).

Gold 4-hourly chart

XAU/USD

Overview
Today last price	1554.53
Today Daily Change	-4.25
Today Daily Change %	-0.27
Today daily open	1558.78

Trends
Daily SMA20	1544.99
Daily SMA50	1500.78
Daily SMA100	1497.64
Daily SMA200	1441.49

Levels
Previous Daily High	1559.75
Previous Daily Low	1550.4
Previous Weekly High	1562
Previous Weekly Low	1536.35
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1556.18
Daily Fibonacci 61.8%	1553.97
Daily Pivot Point S1	1552.87
Daily Pivot Point S2	1546.96
Daily Pivot Point S3	1543.52
Daily Pivot Point R1	1562.22
Daily Pivot Point R2	1565.66
Daily Pivot Point R3	1571.57

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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