- Gold prices seesaw near October low.
- Oversold RSI conditions, July month high question further declines.
- October 11 low, 21-day EMA exert downside pressure.
Although Gold prices stop further declines below October low, a sustained trading below 100-day EMA for the first time since late-May keep sellers hopeful as the metal trade around $1,460 during the Asian session on Monday.
July month high close to $1,452.50 seems to be the immediate support ahead of 38.2% Fibonacci retracement of April-September upside, at $1,445.
Should the quote continue trading southwards past-$1,445, a descending trend line since mid-August, around $1,433 and $1,412/11 area including 200-day Exponential Moving Average (EMA) and 50% Fibonacci retracement will be on bears’ radar.
Though, nearly oversold conditions of 14-bar Relative Strength Index (RSI) can pierce a 100-day EMA level of 1,464, which in turn could challenge October 11 low around $1,474.
It should, however, be noted that 21-day EMA and 23.6% Fibonacci retracement close to $1,486/88 area could keep buyers in check after $1,474.
Gold daily chart
Trend: pullback expected
Additional important levels
|Today last price||1460.57|
|Today Daily Change||1.96|
|Today Daily Change %||0.13%|
|Today daily open||1458.61|
|Previous Daily High||1472.94|
|Previous Daily Low||1456.43|
|Previous Weekly High||1514.85|
|Previous Weekly Low||1456.43|
|Previous Monthly High||1519.04|
|Previous Monthly Low||1455.5|
|Daily Fibonacci 38.2%||1462.73|
|Daily Fibonacci 61.8%||1466.63|
|Daily Pivot Point S1||1452.38|
|Daily Pivot Point S2||1446.15|
|Daily Pivot Point S3||1435.88|
|Daily Pivot Point R1||1468.89|
|Daily Pivot Point R2||1479.16|
|Daily Pivot Point R3||1485.39|
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