- Gold fizzles the previous day’s strong upside momentum.
- 100-day SMA, two-week-old horizontal resistance limit immediate upside.
- 21-day SMA, $1,760–55 will test the short-term bears.
Gold drops to the day's fresh low of $1,790.71, down 0.13% on a day, during Tuesday’s Asian session. In doing so, the yellow metal eases below the key $1,800 resistance amid the recently weakening Momentum indicator.
Sellers seem to attack 38.2% Fibonacci retracement of January–March downside, near $1,785, a break of which will extend the latest pullback towards 21-day SMA level close to $1,766.
However, any further downside will be challenged by the broad support zone comprising multiple levels since late February around $1,760–55.
Meanwhile, further upside needs to provide a daily closing beyond the $1,800 threshold to attack late February tops surrounding $1,816 and 50% Fibonacci retracement level near $1,819.
In a case where gold remains firm above $1,819, 61.8% Fibonacci retracement level close to $1,851 and February’s high of $1,855.50 will be the key to watch.
Gold daily chart
Trend: Pullback expected
Additional important levels
|Today last price||1791.16|
|Today Daily Change||-1.78|
|Today Daily Change %||-0.10%|
|Today daily open||1792.94|
|Previous Daily High||1798.02|
|Previous Daily Low||1766.17|
|Previous Weekly High||1790.03|
|Previous Weekly Low||1756.18|
|Previous Monthly High||1797.93|
|Previous Monthly Low||1705.84|
|Daily Fibonacci 38.2%||1785.85|
|Daily Fibonacci 61.8%||1778.34|
|Daily Pivot Point S1||1773.4|
|Daily Pivot Point S2||1753.86|
|Daily Pivot Point S3||1741.55|
|Daily Pivot Point R1||1805.25|
|Daily Pivot Point R2||1817.56|
|Daily Pivot Point R3||1837.1|
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