Gold Technical Analysis: Bears await a convincing breakthrough descending triangle support


   •  The precious metal extended overnight rejection slide from one-week-old descending trend-line resistance and dropped to test an important horizontal support near $1220 level. 

   •  A follow-through selling below the mentioned support will mark a near-term bearish breakthrough a descending triangular formation on the 1-hourly chart and add to the selling pressure.

   •  Technical indicators on hourly charts have started gaining negative momentum, and have also started losing traction on the daily chart, and thus, support prospects for an eventual breakdown.
 

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1220.87
    Today Daily change: -1.3e+2 pips
    Today Daily change %: -0.107%
    Today Daily Open: 1222.18
Trends:
    Previous Daily SMA20: 1218.96
    Previous Daily SMA50: 1218.56
    Previous Daily SMA100: 1207.46
    Previous Daily SMA200: 1236.43
Levels:
    Previous Daily High: 1228.04
    Previous Daily Low: 1221.4
    Previous Weekly High: 1230.3
    Previous Weekly Low: 1217.7
    Previous Monthly High: 1243.43
    Previous Monthly Low: 1182.54
    Previous Daily Fibonacci 38.2%: 1223.93
    Previous Daily Fibonacci 61.8%: 1225.5
    Previous Daily Pivot Point S1: 1219.71
    Previous Daily Pivot Point S2: 1217.24
    Previous Daily Pivot Point S3: 1213.07
    Previous Daily Pivot Point R1: 1226.34
    Previous Daily Pivot Point R2: 1230.51
    Previous Daily Pivot Point R3: 1232.98

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

US Nonfarm Payrolls surprised to the downside in April, showing a gain of 175K jobs – LIVE

US Nonfarm Payrolls surprised to the downside in April, showing a gain of 175K jobs – LIVE

The job creation in the US economy seems to have slowed its pace after Nonfarm Payrolls figures reported an increase of 175K jobs in April, coming in short of consensus for a 243K gain.

FOLLOW US LIVE

EUR/USD rises to daily tops past 1.0800 post-NFP

EUR/USD rises to daily tops past 1.0800 post-NFP

The selling bias in the Greenback gathers extra pace on Friday after the US economy created fewer jobs than initially estimated in April, lifting EUR/USD to the area of fresh peaks above 1.0800.

EUR/USD News

GBP/USD surpasses 1.2600 after disheartening US Payrolls

GBP/USD surpasses 1.2600 after disheartening US Payrolls

The resumption of the downward pressure in the US Dollar motivates GBP/USD to extend its earlier advance to the area beyond 1.2600 the figure in the wake of the release of US NFP.

GBP/USD News

Gold climbs to new highs above $2,300 on poor NFP prints

Gold climbs to new highs above $2,300 on poor NFP prints

The precious metal maintains its bullish stance and breaks above the $2,300 barrier on Friday after US Nonfarm Payrolls showed the economy added fewer jobs than expected during last month.

Gold News

XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion

XRP edges up after week-long decline as Ripple files letter in reply to SEC’s motion

Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures