Gold technical analysis: 200-bar SMA, six-week-old trendline exert downside pressure


  • Gold maintains the range above 23.6% Fibonacci retracement since the week’s start.
  • The yellow metal lacks the strength to cross key upside barriers holding the keys to monthly top.

Despite trading in a small range, Gold’s upside has fewer odds due to the key resistances standing untouched while the quote seesaws near $1,492 during early Friday.

Among the upside barriers, 200-bar Simple Moving Average (SMA) level of 1,503 and a falling trend line since September 04, at $1,510 now, comes nearby.

Should prices rally beyond $1,510, monthly top and 61.8% Fibonacci retracement of September-October declines, around $1,518/19, could question buyers targeting $1,535 and $1,557 numbers to the north.

Meanwhile, a downside break below 23.6% Fibonacci retracement level of $1,479.50 can take aim at $1,465 and month’s low of $1,459.

Gold 4-hour chart

Trend: bearish

additional important levels

Overview
Today last price 1492.42
Today Daily Change 0.50
Today Daily Change % 0.03%
Today daily open 1491.92
 
Trends
Daily SMA20 1499.09
Daily SMA50 1506.98
Daily SMA100 1452.77
Daily SMA200 1374.58
 
Levels
Previous Daily High 1497.3
Previous Daily Low 1483.58
Previous Weekly High 1516.85
Previous Weekly Low 1474.2
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1492.06
Daily Fibonacci 61.8% 1488.82
Daily Pivot Point S1 1484.56
Daily Pivot Point S2 1477.21
Daily Pivot Point S3 1470.84
Daily Pivot Point R1 1498.28
Daily Pivot Point R2 1504.66
Daily Pivot Point R3 1512.01

 

 

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