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

   •  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


Today last price 1287.1
Today Daily Change -3.30
Today Daily Change % -0.26
Today daily open 1290.4
Daily SMA20 1300.64
Daily SMA50 1306.6
Daily SMA100 1287.69
Daily SMA200 1247.52
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



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 extends falls after US retail sales beat expectations

EUR/USD extends its falls after US retail sales beat expectations with 1.6% and despite downward revisions. It trades in the low 1.1200s. Earlier, Germany's Manufacturing PMI dropped sent it lower.


GBP/USD struggles around 1.3000 after US retail sales

GBP/USD trades around 1.3000 after US retail sales beat expectations with significant rises. It dipped below the line earlier. UK retail sales also exceeded early projections, but the damp market mood kept it pressured. 


USD/JPY keeps the red below 112.00 mark, despite goodish USD uptick/stable equities

The USD/JPY pair trimmed a part of its early slide and recovered around 20-pips from weekly lows, albeit struggled to make its way back above the 112.00 round figure mark.


XRP make a move and puts the market in take-off mode

The market is a few cents away from going into full bullish mode. The bullish process follows the expected pattern, first XRP, then ETH. BTC must accept the team player role and back up the market.

Read more

Gold struggles to make a meaningful recovery amid broad USD strength, stays below $1280

The XAU/USD pair closed the fifth straight day in the negative territory on Wednesday and edged lower in the early European session pressured by the broad USD strength to touch its lowest level of 2019 at $1271.

Gold News