Gold technical analysis: Bulls showing lack of commitments

Ross J Burland FXStreet

The precious metal's prices have consolidated in 1381 and 1439. There are a series of bearish pin bars on the daily charts, signifying resistance and lack of commitment from the buyers. The 20-day moving average supports but on a break lower, bears would target a 50% retracement of the April swing lows to late June swing highs around 1352. On the flipside, however, bulls broke the 1410 level and marked 1418 tops. Bulls can look ahead to the 1440 key resistance which makes way for a continuation to the May 2012 lows at 1527.

XAU/USD

Overview
Today last price	1404.79
Today Daily Change	-14.17
Today Daily Change %	-1.00
Today daily open	1418.96

Trends
Daily SMA20	1392.03
Daily SMA50	1334.83
Daily SMA100	1316.18
Daily SMA200	1286.6

Levels
Previous Daily High	1419
Previous Daily Low	1390.08
Previous Weekly High	1436.2
Previous Weekly Low	1382.02
Previous Monthly High	1438.66
Previous Monthly Low	1306.18
Daily Fibonacci 38.2%	1407.95
Daily Fibonacci 61.8%	1401.12
Daily Pivot Point S1	1399.69
Daily Pivot Point S2	1380.42
Daily Pivot Point S3	1370.76
Daily Pivot Point R1	1428.62
Daily Pivot Point R2	1438.27
Daily Pivot Point R3	1457.54

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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