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

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

 

 

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