Gold Technical Analysis: Faces rejection near support turned resistance, slides to daily lows

Haresh Menghani FXStreet

• Gold met with some aggressive selling in the last hour and has now eroded a major part of the previous session's goodish bounce from closer to over two-week lows.

• The intraday uptick failed to sustain above 100-hour SMA and quickly ran out of steam near an important horizontal support break-point now turned resistance.

• Given that oscillators on hourly charts have been gaining negative traction, a subsequent fall below 50-hour SMA paves the way for further intraday decline.

• Bearish traders might now be aiming for a test of $1276 intermediate support before the precious metal extends the bearish slide further towards the $1270-68 region.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1281.2
Today Daily change %: -0.26%
    Today Daily Open: 1284.5
Trends:
    Daily SMA20: 1284.95
    Daily SMA50: 1255.59
    Daily SMA100: 1234.62
    Daily SMA200: 1228.59
Levels:
    Previous Daily High: 1285.65
    Previous Daily Low: 1277.5
    Previous Weekly High: 1295.9
    Previous Weekly Low: 1276.2
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Daily Fibonacci 38.2%: 1282.54
    Daily Fibonacci 61.8%: 1280.61
    Daily Pivot Point S1: 1279.45
    Daily Pivot Point S2: 1274.4
    Daily Pivot Point S3: 1271.3
    Daily Pivot Point R1: 1287.6
    Daily Pivot Point R2: 1290.7
    Daily Pivot Point R3: 1295.75

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.