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.

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


Today last price 1407.78
Today Daily Change -15.72
Today Daily Change % -1.10
Today daily open 1423.5
Daily SMA20 1343.99
Daily SMA50 1306.35
Daily SMA100 1306.22
Daily SMA200 1275.4
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



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