Gold technical analysis: Bears aim for a break below 20-DMA

Ross J Burland FXStreet

Gold has been on the backfoot due to recent supportive data for the Dollar which has reduced expectations of an aggressive interest rate cut from the Federal Reserve. However, a quarter-point reduction is still priced in and all eyes will now be on the CPI, the FOMC Minutes and Fed's Powell's two-day testimony. Gold prices, on a technical basis, are on the way down and the 20-day moving average at 1384 comes ahead of 1375. Further out on the downside, bears are looking for a 50% retracement of the April swing lows to late June swing highs around 1352. In a bullish scenario, 1410, then 1440 are key resistances for a continuation to the May 2012 lows at 1527.

Weekly chart

Gold levels

XAU/USD

Overview
Today last price	1393.47
Today Daily Change	-5.73
Today Daily Change %	-0.41
Today daily open	1399.2

Trends
Daily SMA20	1380.86
Daily SMA50	1327.45
Daily SMA100	1314.05
Daily SMA200	1283.84

Levels
Previous Daily High	1424.11
Previous Daily Low	1387.3
Previous Weekly High	1436.2
Previous Weekly Low	1382.02
Previous Monthly High	1438.66
Previous Monthly Low	1306.18
Daily Fibonacci 38.2%	1401.36
Daily Fibonacci 61.8%	1410.05
Daily Pivot Point S1	1382.96
Daily Pivot Point S2	1366.73
Daily Pivot Point S3	1346.15
Daily Pivot Point R1	1419.77
Daily Pivot Point R2	1440.35
Daily Pivot Point R3	1456.58

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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