• Having repeatedly failed to make it through the $1295 supply zone, renewed US-China trade optimism prompted some fresh selling and dragged the precious metal to over one-week lows.
• A sustained weakness below 200-hour SMA was seen as a key trigger for intraday bearish traders, with the commodity finally breaking through over one-week-old trading range.
• Technical indicators on the 1-hourly chart have moved on the verge of breaking into oversold territory and seemed to be the only factor holding traders from placing aggressive bets.
• However, given the bearish breakdown, negative oscillators on the 4-hourly chart support prospect for an extension of the ongoing downfall back towards testing $1280 level.
• Meanwhile, bullish indicators on the daily chart suggest some dip-buying interest at lower levels and should help any subsequent downfall amid dovish Fed expectations.
Gold 1-hourly chart
XAU/USD
Overview:
Today Last Price: 1285.77
Today Daily change: -612 pips
Today Daily change %: -0.474%
Today Daily Open: 1291.89
Trends:
Daily SMA20: 1282.63
Daily SMA50: 1251.02
Daily SMA100: 1232.26
Daily SMA200: 1228.87
Levels:
Previous Daily High: 1295.45
Previous Daily Low: 1288.95
Previous Weekly High: 1297.15
Previous Weekly Low: 1279.35
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Daily Fibonacci 38.2%: 1291.43
Daily Fibonacci 61.8%: 1292.97
Daily Pivot Point S1: 1288.74
Daily Pivot Point S2: 1285.6
Daily Pivot Point S3: 1282.24
Daily Pivot Point R1: 1295.24
Daily Pivot Point R2: 1298.6
Daily Pivot Point R3: 1301.74
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