Gold technical analysis: Choppy inside monthly trendline, 200-bar SMA

Gold struggles between short-term key technical indicators.
Bearish MACD favors the Bullion’s downside, 23.6% Fibonacci retracement adds to the rest-points.
Upside clearance of 200-bar SMA highlights 61.8% Fibonacci retracement level to buyers.

Anil Panchal FXStreet

Gold’s repeated failures to cross 200-bar Simple Moving Average (SMA) fails to portray the yellow metal’s weakness as the monthly trend line limits its downside. The Bullion presently tests the support line while flashing $1,483.55 as a quote amid Tuesday’s Asian session.

Adding to the odds favoring downside is the bearish signal from the 12-bar Moving Average Convergence and Divergence (MACD) indicator.

However, 23.6% Fibonacci retracement of September-October declines, at $1,479 could question the price drop, a break of which highlights the importance of $1,475/74 area including early-month lows.

In a case bears dominate below $1,474, the monthly bottom near to $1,455 will be on their radars.

Alternatively, upside break of 200-bar SMA, at $1,499 now, will trigger fresh run-up to 61.8% Fibonacci retracement level of $1,518 whereas late-September high around $1,535 could lure bulls afterward.

Gold 4-hour chart

Trend: sideways

additional important levels

Overview
Today last price	1483.48
Today Daily Change	-7.21
Today Daily Change %	-0.48%
Today daily open	1490.69

Trends
Daily SMA20	1497.78
Daily SMA50	1506.87
Daily SMA100	1454.62
Daily SMA200	1375.6

Levels
Previous Daily High	1494.15
Previous Daily Low	1485.06
Previous Weekly High	1497.95
Previous Weekly Low	1477.15
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1488.53
Daily Fibonacci 61.8%	1490.68
Daily Pivot Point S1	1485.78
Daily Pivot Point S2	1480.88
Daily Pivot Point S3	1476.69
Daily Pivot Point R1	1494.87
Daily Pivot Point R2	1499.06
Daily Pivot Point R3	1503.96

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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