• The precious metal remained under some heavy selling pressure for the third consecutive session on Friday and dropped to challenge one-month-old trend-line support.
• Sustained weakness below 200-period SMA on the 4-hourly chart - for the first time since Nov. 30, was seen as a key trigger for bearish traders and prompted some technical selling.
• Moreover, oscillators on the daily chart have just started gaining negative momentum and support prospects for an extension of the ongoing slide from 10-month tops set on Feb. 20.
• Meanwhile, indicators on hourly charts have started drifting into the oversold territory and turned out to be the only factor that helped limit deeper losses, at least for the time being.
• Traders, however, are likely to wait for a convincing break through the mentioned support before positioning for any further slide towards testing the key $1300 psychological mark.
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XAU/USD
Overview:
Today Last Price: 1308.86
Today Daily change %: -0.32%
Today Daily Open: 1313.1
Trends:
Daily SMA20: 1319.67
Daily SMA50: 1300.1
Daily SMA100: 1264.15
Daily SMA200: 1235.92
Levels:
Previous Daily High: 1327.1
Previous Daily Low: 1312.9
Previous Weekly High: 1346.85
Previous Weekly Low: 1320.72
Previous Monthly High: 1346.85
Previous Monthly Low: 1300.1
Daily Fibonacci 38.2%: 1318.32
Daily Fibonacci 61.8%: 1321.68
Daily Pivot Point S1: 1308.3
Daily Pivot Point S2: 1303.5
Daily Pivot Point S3: 1294.1
Daily Pivot Point R1: 1322.5
Daily Pivot Point R2: 1331.9
Daily Pivot Point R3: 1336.7
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