• 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.
|Today last price||1287.1|
|Today Daily Change||-3.30|
|Today Daily Change %||-0.26|
|Today daily open||1290.4|
|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|
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