- 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|
|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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