Gold Technical Analysis: Fails to capitalize on Friday’s bullish break through descending trend-channel


   •  The precious metal struggled to build on Friday's bullish breakthrough a descending trend-channel and has now erased a major part of the gains recorded over the past two trading sessions.

   •  The commodity's inability to preserve/build on the momentum beyond 200-hour SMA points to the reemergence of fresh selling pressure amid the continuation of the recent USD rally.

   •  Technical indicators on hourly charts have been gaining negative momentum, albeit maintained their bullish bias on the daily chart and warrant caution before placing aggressive bearish bets.

   •  Hence, any subsequent fall might continue to find decent support near the $1300 psychological mark, which if broken might negate any near-term positive bias and turn the commodity vulnerable.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1307.9
    Today Daily change %: -0.49%
    Today Daily Open: 1314.36
Trends:
    Daily SMA20: 1300.04
    Daily SMA50: 1277.87
    Daily SMA100: 1249
    Daily SMA200: 1231.02
Levels:
    Previous Daily High: 1315.7
    Previous Daily Low: 1300.1
    Previous Weekly High: 1322.3
    Previous Weekly Low: 1300.1
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1309.74
    Daily Fibonacci 61.8%: 1306.06
    Daily Pivot Point S1: 1304.41
    Daily Pivot Point S2: 1294.46
    Daily Pivot Point S3: 1288.81
    Daily Pivot Point R1: 1320.01
    Daily Pivot Point R2: 1325.66
    Daily Pivot Point R3: 1335.61

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD bouncing modestly on disappointing US Consumer Confidence

The shared currency remains pressured by the idea that the ECB will come out with massive stimulus measures in September. US Michigan Consumer Confidence down to 92.1 brakes dollar's gains.

EUR/USD News

GBP/USD retreats sharply after approaching 1.2200

The GBP/USD pair came under selling pressure after flirting with weekly highs, as a dismal US confidence report brought back risk-off. GBP/USD still up for the week and above the critical 1.2100 level.

GBP/USD News

USD/JPY: Greenback makes modest progress against Yen, near 106.30

The demand for Yen as a safe-haven currency has been weak in the last three days. The levels to beat for bulls are at the 106.30 and 106.55 resistances.

USD/JPY News

Gold gives back territory towards a 23.6% retracement

Gold prices were a touch lower by the end of the week, falling -0.68% having travelled between a high of $1,528.00 to a low of $1,503.87, ending the NY session around $1,513. 

Gold News

Four Signs of A Bear Market

I am a believer that the Universe gives you signs. That may sound a bit crazy, but these three charts are three more signs of a bear market. The top chart is the GLD exchange traded fund.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •