Gold Price Analysis: Rebounds from weekly lows, lacks follow-through

Gold once again manages to find some suport near the $1562 region.
Mixed technical set-up warrants some caution for aggressive traders.

Haresh Menghani FXStreet

Gold quickly reversed an early dip to weekly lows and is currently placed near the top end of its daily trading range, around the $1566 region.

The intraday downtick attracted some buying near the $1662 region, which coincides with 50% Fibonacci level of the $1548-$1577 recent positive move.

The mentioned support should now act as a key pivotal point for short-term traders and help determine the next leg of a directional move for the commodity.

Meanwhile, technical indicators on hourly charts have again started gaining negative traction and support prospects for a further near-term depreciating move.

This coupled with the fact that the commodity is holding below important intraday moving averages – 50, 100 & 200-hour SMAs – adds credence to the negative outlook.

However, oscillators on the daily chart have still managed to hold in the bullish territory and warrant some caution before placing aggressive bearish bets.

Hence, it will be prudent to wait for some follow-through selling below the $1562-60 region, which if broken might expose $1550-48 support area (recent swing lows).

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1565.94
Today Daily Change	-2.70
Today Daily Change %	-0.17
Today daily open	1568.64

Trends
Daily SMA20	1567.01
Daily SMA50	1530.38
Daily SMA100	1507
Daily SMA200	1462.01

Levels
Previous Daily High	1574.12
Previous Daily Low	1562.11
Previous Weekly High	1594.01
Previous Weekly Low	1547.56
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1566.7
Daily Fibonacci 61.8%	1569.53
Daily Pivot Point S1	1562.46
Daily Pivot Point S2	1556.28
Daily Pivot Point S3	1550.45
Daily Pivot Point R1	1574.47
Daily Pivot Point R2	1580.3
Daily Pivot Point R3	1586.48

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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