Gold technical analysis: Consolidates and bears look for a test of the 1480s

Gold was a strong performer and climbed 3.5% last week.
Bears look for a test of the 1480s on lack of upside momentum.

Ross J Burland FXStreet

Gold was a strong performer and climbed 3.5% last week although the risk-off trade has lost some momentum as markets come to terms with on-going geopolitical strife. Should there be prospects of a meeting between US and Chinese trade officials in September, gold can likely continue to give back some ground to the bears on profit-taking and on a break back below the 1480s, a deeper retracement back to the 1430s could play out once the 23.6% Fibo in the 1450s gives.

Bulls will look to the 1528/30s but the price will be expected to hold initial tests. Further out, bulls will look to the 127.2% Fibo target which is located around 1,560, guarding the Oct 2012 highs at 1795. The 1800s arrive as the 2011 highs and the price has touched the 61.8% Fibo retracement of those highs to the late 2015 swing lows.

XAU/USD

Overview
Today last price	1497.6
Today Daily Change	1.77
Today Daily Change %	0.12
Today daily open	1495.83

Trends
Daily SMA20	1440.69
Daily SMA50	1402.37
Daily SMA100	1344.97
Daily SMA200	1309.76

Levels
Previous Daily High	1508.2
Previous Daily Low	1495
Previous Weekly High	1510.16
Previous Weekly Low	1436.96
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1500.04
Daily Fibonacci 61.8%	1503.16
Daily Pivot Point S1	1491.15
Daily Pivot Point S2	1486.48
Daily Pivot Point S3	1477.95
Daily Pivot Point R1	1504.35
Daily Pivot Point R2	1512.88
Daily Pivot Point R3	1517.55

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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