Gold Technical Analysis: Challenges 100-DMA, bears eyeing a sustained break through $1280 support

Haresh Menghani FXStreet

• The precious metal remained under some selling pressure for the third consecutive session on Monday, with bears now eyeing a follow-through weakness below 100-day SMA for the first time since mid-Nov. 2018.

• A convincing break through the mentioned support, leading to a subsequent slide below $1280 horizontal zone would mark a bearish breakdown and pave the way for an extension of the depreciating move.

• Technical indicators on hourly charts maintained their bearish bias and have just started gaining negative momentum on the daily chart, further reinforcing/adding credence to the near-term bearish outlook.

• Hence, any attempted rebound might now be seen as an opportunity to initiate some fresh bearish positions for an eventual downside target of $1260 with some intermediate support near the $1275 and $1268-66 regions.

Gold daily chart

XAU/USD

Overview
Today last price	1287.1
Today Daily Change	-3.30
Today Daily Change %	-0.26
Today daily open	1290.4

Trends
Daily SMA20	1300.64
Daily SMA50	1306.6
Daily SMA100	1287.69
Daily SMA200	1247.52

Levels
Previous Daily High	1295.82
Previous Daily Low	1288.7
Previous Weekly High	1310.7
Previous Weekly Low	1288.7
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1293.1
Daily Fibonacci 61.8%	1291.42
Daily Pivot Point S1	1287.46
Daily Pivot Point S2	1284.52
Daily Pivot Point S3	1280.33
Daily Pivot Point R1	1294.58
Daily Pivot Point R2	1298.77
Daily Pivot Point R3	1301.71

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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