Gold Technical Analysis: Bounce from YTD lows/50% Fibo. support might turn out to be short-lived


   •  The precious metal stalled its recent decline and managed to stage a modest recovery from support marked by 50% Fibo. level of the $1196.40-$1346.85 strong up-move. 

   •  Slightly oversold conditions on the 4-hourly chart prompted some short-covering amid resurfacing global growth concerns following today's sluggish Euro-zone PMI prints.

   •  However, given that the commodity has already confirmed a near-term bearish break through a descending triangle, the current bounce might still be seen as a selling opportunity.

   •  Hence, the recovery seems more likely to confront some fresh supply and fizzle out near the triangle support break-point, now turned resistance - around the $1281-82 region.

   •  Any subsequent up-move seems more likely to remain capped near the $1289 confluence barrier - comprising of 100-day SMA and 38.2% Fibonacci retracement level.

Gold daily chart

XAU/USD

Overview
Today last price 1276.54
Today Daily Change 2.74
Today Daily Change % 0.22
Today daily open 1273.8
 
Trends
Daily SMA20 1296.46
Daily SMA50 1304.69
Daily SMA100 1289.5
Daily SMA200 1248.72
Levels
Previous Daily High 1279.7
Previous Daily Low 1272.1
Previous Weekly High 1310.7
Previous Weekly Low 1288.7
Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1275
Daily Fibonacci 61.8% 1276.8
Daily Pivot Point S1 1270.7
Daily Pivot Point S2 1267.6
Daily Pivot Point S3 1263.1
Daily Pivot Point R1 1278.3
Daily Pivot Point R2 1282.8
Daily Pivot Point R3 1285.9

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Recovery could continue in the short-term

The EUR/USD pair has recovered some ground Friday, ending the week with modest gains at around 1.1050. The American dollar extended its slide as speculative interest couldn’t find a reason to keep on buying it. 

EUR/USD News

GBP/USD: Brexit hopes maintain Sterling afloat

The GBP/USD pair hit a daily high of 1.2918 on Friday, boosted by news indicating that the  Brexit Party has decided to step down from 43 additional constituencies where Labour won, facilitating the way for a Conservative majority.

GBP/USD News

USD/JPY: Pressuring resistance but without enough strength

The USD/JPY pair trimmed part of its weekly losses last Friday, closing the week in the red at around 108.80. Demand for safe-haven assets eased despite persistent tensions between the US and China.

USD/JPY News

Gold looks to close week with small gains below $1,470

The precious metal struggled to find demand on Friday as the upbeat market mood on renewed hopes of the United States and China reaching a trade deal to avoid a tariff hike in December caused investors to move away from safe havens.

Gold News

Crypto Today: Playing with the thin red line

BTC/USD has fallen below $8,500 during the Asian trading session. A close below this support level would put $7,500 on the trading table. ETH/USD is moving below the 50-period exponential moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures