- Gains some traction following the biggest single-day fall since September 25.
- The technical set-up might have already shifted in favour of bearish traders.
Gold seemed struggling to build on its attempted intraday recovery move and remained well within the striking distance of three-week lows set in the previous session.
This is closely followed by support near the $1475 region, marking the lower end of a one-month-old broader trading range and also coinciding with 100-day SMA.
Given the recent failure near the trading range resistance, the overnight fall – the biggest single-day drop since September 25 –points to renewed selling interest.
Meanwhile, oscillators on the daily chart maintained their bearish bias and have also recovered from overbought conditions on hourly charts, reinforcing the bearish bias.
However, traders are likely to wait for a sustained breakthrough the trading range support before positioning aggressively for any subsequent near-term depreciating move.
Below the mentioned support, the commodity is likely to accelerate the fall further towards challenging October monthly swing lows support near the $1460-59 region.
The downward trajectory could further get extended towards $1450-48 horizontal support, which if broken might pave the way for an extension of the recent corrective slide.
On the flip side, any meaningful recovery attempt now seems to confront some fresh supply near 50-day SMA support breakpoint – around the key $1500 psychological mark.
Gold daily chart
|Today last price||1485.48|
|Today Daily Change||0.61|
|Today Daily Change %||0.04|
|Today daily open||1484.87|
|Previous Daily High||1510.7|
|Previous Daily Low||1479.55|
|Previous Weekly High||1515.38|
|Previous Weekly Low||1481.1|
|Previous Monthly High||1519.04|
|Previous Monthly Low||1455.5|
|Daily Fibonacci 38.2%||1491.45|
|Daily Fibonacci 61.8%||1498.8|
|Daily Pivot Point S1||1472.71|
|Daily Pivot Point S2||1460.56|
|Daily Pivot Point S3||1441.56|
|Daily Pivot Point R1||1503.86|
|Daily Pivot Point R2||1522.86|
|Daily Pivot Point R3||1535.01|
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