Gold Price Analysis: XAU/USD trades below 200-day MA for first since March


  • Gold has flipped the 200-day SMA support into resistance. 
  • The breakdown has opened the doors to support at $1,765.

Gold is trading below the widely-followed 200-day Simple Moving Average (SMA) for the first time since March. 

The long-term technical line is currently located at $1,800 and the metal is changing hands near $1,783 per ounce, representing a 0.25% loss on the day. 

The yellow metal closed below the 200-day SMA on Friday, exposing deeper support at $1,765 (May 18 low). The breakdown has been reinforced by the bull failure at the former support-turned-hurdle of the 200-day SMA seen early today. 

While the 14-day relative strength index has dropped below 30 to indicate oversold condition, the indicator would gain credence if and when signs of seller exhaustion emerge on the price chart

The immediate bearish view would be invalidated if the metal finds acceptance above the 200-day SMA at $1,800.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price 1783.31
Today Daily Change -4.37
Today Daily Change % -0.24
Today daily open 1787.68
 
Trends
Daily SMA20 1870.03
Daily SMA50 1885.53
Daily SMA100 1910.3
Daily SMA200 1799.2
 
Levels
Previous Daily High 1813.89
Previous Daily Low 1774.4
Previous Weekly High 1876.14
Previous Weekly Low 1774.4
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1789.49
Daily Fibonacci 61.8% 1798.8
Daily Pivot Point S1 1770.09
Daily Pivot Point S2 1752.5
Daily Pivot Point S3 1730.6
Daily Pivot Point R1 1809.58
Daily Pivot Point R2 1831.48
Daily Pivot Point R3 1849.07

 

 

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