Gold technical analysis: 200-HMA, 1-week-long support-line question sellers

100/200 HMAs has recently been limiting Gold moves.
Short-term ascending trend-line adds strength to the downside support.
$1,429.30/$1,430.20 area seems strong upside resistance beyond 100-HMA.

Anil Panchal FXStreet

Following its failure to rise past-200 HMA and 38.2% Fibonacci retracement of current month upside, Gold declines to $1,422.30 heading into the European open on Thursday.

Currently, 200-hour moving average (HMA) and a week old upward sloping support-line, near $1,421 – $1,420.80, becomes the tough nut to crack for the sellers targeting the weekly low near $1,414.50.

However, quote’s further downside can have 61.8% Fibonacci retracement near $1,411.70 and July 17 bottom around $1,400 could question sellers afterward.

On the upside, 100-HMA level of $1,425.80 acts as an adjacent resistance whereas an area comprising $1,429.30 to $1,430.20 could limit additional rise.

It should be noted that the metal’s rally above $1,430.20 can aim for $1,434, $1,441 and monthly top surrounding $1,452.70.

Gold hourly chart

Trend: Pullback expected

1. R3 1444.15
2. R2 1436.72
3. R1 1431.28
PP 1423.86
1. S1 1418.41
2. S2 1410.99
3. S3 1405.54

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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