Gold Price Analysis: XAU/USD bears flirt with a short-term ascending trend-line support

Gold extended this week’s retracement slide and remained depressed for the second straight day.
The technical set-up seems tilted in favour of bears and supports prospects for further weakness.
Break below a near three-month-old ascending trend-line will add credence to the bearish bias.

Haresh Menghani FXStreet

Gold remained under some selling pressure for the second consecutive session on Thursday and extended this week's retracement slide from the $1992 area. The downward momentum dragged the commodity to fresh weekly lows, with bears now eyeing a sustained breakthrough a near three-month-old ascending trend-line.

Meanwhile, technical indicators on hourly charts have been gaining negative traction and have just started drifting in the bearish territory on the daily chart. The set-up favours bearish traders and supports prospects for an eventual breakthrough the mentioned trend-line amid sustained buying around the greenback.

Sustained weakness below will be seen as a fresh trigger for bearish traders and turn the commodity vulnerable to slide back towards the $1900 round-figure mark. Some follow-through selling should pave the way for additional weakness, possibly back towards August monthly swing lows support near the $1863 region.

On the flip side, immediate resistance is now pegged near the $1948-50 horizontal zone, above which bulls are likely to push the commodity back towards the $1970 supply zone. The momentum could further get extended towards weekly tops, around the $1692 level before the metal aims back to reclaim the key $2000 psychological mark.

Gold daily chart

Technical levels to watch

XAU/USD

Overview
Today last price	1934.8
Today Daily Change	-7.36
Today Daily Change %	-0.38
Today daily open	1942.16

Trends
Daily SMA20	1962.01
Daily SMA50	1896.66
Daily SMA100	1808.04
Daily SMA200	1686.09

Levels
Previous Daily High	1973.34
Previous Daily Low	1932.73
Previous Weekly High	1976.79
Previous Weekly Low	1902.76
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1948.24
Daily Fibonacci 61.8%	1957.83
Daily Pivot Point S1	1925.48
Daily Pivot Point S2	1908.8
Daily Pivot Point S3	1884.87
Daily Pivot Point R1	1966.09
Daily Pivot Point R2	1990.02
Daily Pivot Point R3	2006.7

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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