Gold Technical Analysis: Deeper losses likely below key support of $1,189

Gold has established a lower highs pattern, as seen in the hourly chart below, and a break below $1,189 (Sep. 4 low) would establish a lower pattern and open the doors to re-test of Aug. 18 low) and $1,160 (Aug. 16 low).
A break below the immediate support at $1,189 looks likely as the USD, gold's biggest nemesis, could remain better bid today as data released on Friday showed the US wage growth figure rose at the quickest pace since 2009.
Further, the downward sloping 5-week and 10-week moving averages (MAs) indicate a bearish setup.
On the higher side, only a daily close above $1,207 (Sep. 6 high) could embolden the bulls.

Omkar Godbole FXStreet Contributor

Hourly Chart

Current Price: $1,194

Daily High: $1,196

Daily Low: $1,194

Trend: Bearish

Resistance

R1: $1,200 (psychological hurdle)

R2: $1,207 (Sep. 6 high)

R3: $1,215 (50-day moving average)

Support

S1: $1,189 (Sep. 4 low)

S2: $1,183 (Aug. 24 low)

S3: $1,180 (61.8% Fib R of $1,160/$1,207)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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