Gold Price Analysis: XAU/USD struggles to find acceptance above 100-hour SMA

Gold faded an early North American session bullish spike to three-day tops.
The set-up warrants some caution before placing any fresh directional bets.

Haresh Menghani FXStreet

Gold failed to capitalize on its intraday bullish spike to the three-day tops and quickly retreated $20 during the early North American session.

The commodity struggled to find acceptance above 200-hour SMA and is now headed towards the lower end of its daily trading range. The mentioned level, around the $1955 region, should now act as a key pivotal point for intraday traders.

Meanwhile, technical indicators on hourly/daily charts haven't been supportive of any firm near-term direction. This, in turn, warrants some caution before placing any aggressive bets ahead of the Jackson Hole Symposium.

That said, sustained weakness below the daily lows might turn the commodity vulnerable to accelerate the fall further towards the $1911 intermediate support. The downfall could further get extended back towards the $1900 mark.

On the flip side, bulls are likely to wait for some follow-through strength beyond the $1960-62 region, above which the commodity is likely to accelerate the momentum further towards the key $2000 psychological mark.

Gold 1-hourly chart

Technical levels to watch

XAU/USD

Overview
Today last price	1938.2
Today Daily Change	-2.23
Today Daily Change %	-0.11
Today daily open	1940.43

Trends
Daily SMA20	1974.8
Daily SMA50	1863.6
Daily SMA100	1786.31
Daily SMA200	1666.81

Levels
Previous Daily High	1956.05
Previous Daily Low	1911.64
Previous Weekly High	2015.65
Previous Weekly Low	1911.64
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	1928.6
Daily Fibonacci 61.8%	1939.09
Daily Pivot Point S1	1916.03
Daily Pivot Point S2	1891.63
Daily Pivot Point S3	1871.62
Daily Pivot Point R1	1960.44
Daily Pivot Point R2	1980.45
Daily Pivot Point R3	2004.85

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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