Gold technical analysis: Bulls trying to defend 100-hour SMA, ahead of $1400 mark

Gold extended previous session retracement slide from multi-year tops and remained heavily offered through the mid-European session on Wednesday.
The intraday slide, at least for the time being, seemed to show some resilience near 100-hour SMA, or ahead of the key $1400 psychological mark.

Haresh Menghani FXStreet

The mentioned handle coincides with 38.2% Fibo. level of the $1342-$1439 recent upsurge, which if broken decisively would be seen as a key trigger for bearish traders and trigger further intraday weakness.

Meanwhile, technical indicators on the 1-hourly chart have already drifted into bearish territory and have been losing positive momentum on the 4-hourly chart, while still remained in the overbought zone on the daily chart.

The set-up clearly points to an eventual bearish breakdown, below which the corrective slide could further get extended towards $1382 horizontal zone with some intermediate support near 50% Fibo. level - around the $1390 region.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1407.78
Today Daily Change	-15.72
Today Daily Change %	-1.10
Today daily open	1423.5

Trends
Daily SMA20	1343.99
Daily SMA50	1306.35
Daily SMA100	1306.22
Daily SMA200	1275.4

Levels
Previous Daily High	1438.66
Previous Daily Low	1412.19
Previous Weekly High	1411.35
Previous Weekly Low	1333
Previous Monthly High	1306.9
Previous Monthly Low	1266.35
Daily Fibonacci 38.2%	1428.55
Daily Fibonacci 61.8%	1422.3
Daily Pivot Point S1	1410.91
Daily Pivot Point S2	1398.32
Daily Pivot Point S3	1384.44
Daily Pivot Point R1	1437.37
Daily Pivot Point R2	1451.25
Daily Pivot Point R3	1463.84

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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