Gold technical analysis: Bears await a sustained break below $1475 confluence support

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.

Haresh Menghani FXStreet

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

XAU/USD

Overview
Today last price	1485.48
Today Daily Change	0.61
Today Daily Change %	0.04
Today daily open	1484.87

Trends
Daily SMA20	1495.2
Daily SMA50	1502.92
Daily SMA100	1474.16
Daily SMA200	1388.13

Levels
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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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