- Gold has fallen back to key MA support with the US equity index futures turning higher.
- The metal's weekly chart shows scope for a deeper drop during the week ahead.
Gold has surrendered gains seen in early Asia and could revisit the Feb. 5 low of $1,548 during the week ahead.
The yellow metal is currently trading around the 200-hour moving average (HMA) at $1,570, having hit a high of $1,576 in early Asia.
The pullback could be associated with the positive turn around in the US equity index futures. At press time, the futures on the S&P 500 are reporting a 0.10% gain compared to a 0.5% drop seen in early Asia.
The safe-haven metal may continue to lose ground, as early signs of bearish reversal have emerged on the weekly chart.
Gold created bearish outside week candle last week, which occurs when prices drop engulfing the preceding candle's trading range (high and low). That candle represents bullish exhaustion and often precedes notable downturns.
The immediate support at $1,548 (Feb. 5 low), if breached, could cause more sellers to join the market, yielding a drop to $1,519 (Oct. 3 high). On the higher side, resistance is seen at $1,593. A close higher would open the doors to $1,611 (Jan. 8 high).
|Today last price||1570.55|
|Today Daily Change||0.42|
|Today Daily Change %||0.03|
|Today daily open||1570.13|
|Previous Daily High||1574.14|
|Previous Daily Low||1560.5|
|Previous Weekly High||1594.01|
|Previous Weekly Low||1547.56|
|Previous Monthly High||1611.53|
|Previous Monthly Low||1517.1|
|Daily Fibonacci 38.2%||1568.93|
|Daily Fibonacci 61.8%||1565.71|
|Daily Pivot Point S1||1562.37|
|Daily Pivot Point S2||1554.62|
|Daily Pivot Point S3||1548.73|
|Daily Pivot Point R1||1576.01|
|Daily Pivot Point R2||1581.9|
|Daily Pivot Point R3||1589.65|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.