Gold Price Analysis: Finds some support near $1450 horizontal level, remains vulnerable

Gold witnessed some aggressive selling on the first day of a new trading week.
The intraday slide took along some short-term trading stops near 200-day SMA.
The near-term oversold conditions warrant some consolidation or a modest bounce.

Haresh Menghani FXStreet

Gold extended last week's sharp retracement slide from multi-year tops and witnessed some aggressive selling for the fifth consecutive session on the first day of a new trading week.

A sustained break below the very important 200-day SMA, near the key $1500 psychological mark, was seen as a key trigger for bearish traders and aggravated the selling pressure.

The commodity nosedived to over one-month lows and is currently placed near an important congestion zone, around the $1450 region, tested in November and December 2019.

Meanwhile, technical indicators on short-term charts are already flashing slightly oversold conditions and warrant some caution before positioning for any further depreciating move.

Hence, a near-term consolidation, or a modest recovery to the $1480 region, looks a distinct possibility, albeit might still be seen as an opportunity to initiate some fresh bearish positions.

Meanwhile, a sustained break below the mentioned support might turn the commodity vulnerable and pave the way for an accelerated decline towards the $1400 round-figure mark.

Gold daily chart

Technical levels to watch

XAU/USD

Overview
Today last price	1453.97
Today Daily Change	-76.39
Today Daily Change %	-4.99
Today daily open	1530.36

Trends
Daily SMA20	1624.02
Daily SMA50	1589.04
Daily SMA100	1535.33
Daily SMA200	1499.05

Levels
Previous Daily High	1598.08
Previous Daily Low	1504.72
Previous Weekly High	1703.4
Previous Weekly Low	1504.72
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1540.38
Daily Fibonacci 61.8%	1562.42
Daily Pivot Point S1	1490.69
Daily Pivot Point S2	1451.03
Daily Pivot Point S3	1397.33
Daily Pivot Point R1	1584.05
Daily Pivot Point R2	1637.75
Daily Pivot Point R3	1677.41

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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