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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD mute just above 1.1200, waiting for a signal

The EUR/USD pair is stable and confined to a tight intraday range, unable to run, despite upbeat EU inflation and disappointing US housing figures. Dismal market’s mood backing the greenback without boosting it.


GBP/USD bounced from fresh yearly lows at 1.2381

Sterling remains depressed amid Brexit jitters pushing investors away from the currency. UK data did not help as inflation met the market’s expectations in June.


USD/JPY consolidates in a range, comfortably above 108.00 handle

Reviving safe-haven demand underpins JPY and exerts some pressure. Renewed weakness in the US bond yields further weighed on the USD. The downside remains limited amid tempered Fed rate cut expectations.


Gold: Yellow metal gets intraday boost above the 1,400.00 figure

Gold is spiking up and nearing 1,414.00 and 1,420.00 resistances.The main support is now seen at the 1,400.00 figure.

Gold News

Forex Today: US dollar corrects, US-Japan eye a trade deal, and Bitcoin bounces

US dollar reverses a part of Tuesday’s US retail sales data-led rally. US-Japan are working towards a trade deal by September. Bitcoin recovers, but remains below the 10k mark.

Read more