Gold technical analysis: Eyes biggest monthly loss since August 2018

Gold is on track to report its biggest monthly loss since August 2018.
Gold is on the defensive with the daily chart reporting a bearish setup.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,493 per Oz, representing a 1.8% drop from Sept. 1's opening price of $1,523.

That is the biggest monthly loss since August 2018. Back then, the yellow metal had dropped by 1.82%. Also, Gold shed 2.29% in July 2018.

The metal may close well below $1,490 and register its biggest loss since July 2018, as the daily chart shows the 14-day relative strength index (RSI) has dipped below 50 and the MACD histogram is again producing deeper bars below the zero line, indicating a strengthening of bearish momentum.

Also, Gold created a bearish lower high at $1,536 last week and is now trading below the 50-day moving average (MA) support of $1,494.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1493.4
Today Daily Change	-3.50
Today Daily Change %	-0.23
Today daily open	1496.9

Trends
Daily SMA20	1509.71
Daily SMA50	1492.86
Daily SMA100	1423.57
Daily SMA200	1359.62

Levels
Previous Daily High	1507.5
Previous Daily Low	1487.2
Previous Weekly High	1535.42
Previous Weekly Low	1487.2
Previous Monthly High	1554.63
Previous Monthly Low	1400.9
Daily Fibonacci 38.2%	1494.95
Daily Fibonacci 61.8%	1499.75
Daily Pivot Point S1	1486.9
Daily Pivot Point S2	1476.9
Daily Pivot Point S3	1466.6
Daily Pivot Point R1	1507.2
Daily Pivot Point R2	1517.5
Daily Pivot Point R3	1527.5

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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