• Gold is off the lows but not out of the wood yet.
  • Recaptures 200-HMA, RSI still remains in the bearish zone.
  • Rising channel breakdown on 1H keeps the sellers hopeful.

Gold (XAU/USD) has bounced-off a dip to near the $1906 region, as the bulls attempt a tepid recovery above the 200-hourly moving average (HMA), currently at $1909.

Despite the pullback, gold’s path of least resistance appears to the downside, especially after the price confirmed a rising channel breakdown on the hourly chart in the Asian trades.

Gold Price Chart: Hourly

Bears eye a break below the critical $1900 level to accelerate the downside. Further south, the previous week low of $1869 could be tested.

Meanwhile, the bearish bias will remain intact so long as the price holds below powerful resistance aligned around $1913, which is the confluence of the bearish 21-HMA and the channel support now resistance.       

The next line of defense for the bears is seen at the downward-sloping 50-HMA at $1920.

The Relative Strength Index (RSI) has witnessed an uptick in the last hour, although remains below the 50 level, supporting the case for lower levels.

Gold Additional levels


Today last price 1911.11
Today Daily Change -3.41
Today Daily Change % -0.18
Today daily open 1913.52
Daily SMA20 1884.55
Daily SMA50 1869.55
Daily SMA100 1893.22
Daily SMA200 1838.13
Previous Daily High 1927.76
Previous Daily Low 1906.96
Previous Weekly High 1901.02
Previous Weekly Low 1869.32
Previous Monthly High 1906.87
Previous Monthly Low 1775.52
Daily Fibonacci 38.2% 1914.91
Daily Fibonacci 61.8% 1919.81
Daily Pivot Point S1 1904.4
Daily Pivot Point S2 1895.28
Daily Pivot Point S3 1883.6
Daily Pivot Point R1 1925.2
Daily Pivot Point R2 1936.88
Daily Pivot Point R3 1946



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