Gold Technical Analysis: Break below key technical levels opens room for a retest of $1300 mark

Haresh Menghani FXStreet

• The precious metal extended this week's retracement slide from near one-month tops and remained under some selling pressure for the third consecutive session on Thursday.

• The downward trajectory dragged the commodity below 200-hour SMA and towards confirming a near-term bearish break below a three-week-old ascending trend-channel formation.

• Technical indicators have been losing traction on the daily chart and also gaining negative momentum on hourly charts, suggesting increasing near-term selling pressure.

• The set-up has now turned in favour of bearish traders and hence, a follow-through weakness, back towards challenging the $1300 mark, now looks a distinct possibility.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1308.47
Today Daily Change	-1.25
Today Daily Change %	-0.10
Today daily open	1309.72

Trends
Daily SMA20	1302.37
Daily SMA50	1307.57
Daily SMA100	1278.47
Daily SMA200	1242.7

Levels
Previous Daily High	1319.36
Previous Daily Low	1308.35
Previous Weekly High	1320.36
Previous Weekly Low	1298.3
Previous Monthly High	1346.85
Previous Monthly Low	1300.1
Daily Fibonacci 38.2%	1312.56
Daily Fibonacci 61.8%	1315.15
Daily Pivot Point S1	1305.59
Daily Pivot Point S2	1301.47
Daily Pivot Point S3	1294.58
Daily Pivot Point R1	1316.6
Daily Pivot Point R2	1323.49
Daily Pivot Point R3	1327.61

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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