Gold Technical Analysis: Bearish spinning top below 50-DMA makes sellers hopeful

Gold stays on the back foot after declining the previous day.
A U-turn from the near-term key moving average, bearish candlestick formation indicates further downside.
Bullish MACD, repeated bounces off $1,450/45 favors the buyers.

Anil Panchal FXStreet

Gold prices decline to $1,474.50 amid the initial Asian session on Thursday. The bullion pulled back from 50-Day Simple Moving Average (DMA) while portraying a bearish candlestick formation during the previous day.

That said, the 21-DMA level around $1,465/66 can act as immediate support ahead of 61.8% Fibonacci retracement of August-September upside, at $1,460. However, the safe-haven’s additional fall could repeat its November month reversal from $1,450/45 support-zone.

In a case the yellow metal fails to respect $1,445, July 25 top near $1,433 and August bottom close to $1,400 will be on bears’ radar.

On the upside, a daily closing beyond 50-DMA level of $1,482 can trigger the quote’s run-up to confront a three-month-old descending trend line, at 1,493.

Though, a successful rise past-$1,493 will be a call for the Bulls to target $1,500 and the previous month pear surrounding $1,515.

Gold daily chart

Trend: Bearish

additional important levels

Overview
Today last price	1474.5
Today Daily Change	-2.70
Today Daily Change %	-0.18%
Today daily open	1477.2

Trends
Daily SMA20	1465.53
Daily SMA50	1483.61
Daily SMA100	1486.17
Daily SMA200	1402.78

Levels
Previous Daily High	1481.7
Previous Daily Low	1459.92
Previous Weekly High	1466.62
Previous Weekly Low	1450.74
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1473.38
Daily Fibonacci 61.8%	1468.24
Daily Pivot Point S1	1464.18
Daily Pivot Point S2	1451.16
Daily Pivot Point S3	1442.4
Daily Pivot Point R1	1485.96
Daily Pivot Point R2	1494.72
Daily Pivot Point R3	1507.74

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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