Gold Technical Analysis: Falls to over 1-week lows, further slide to $1260 area now looks a distinct possibility

Haresh Menghani FXStreet

• The precious metal extended overnight post-FOMC rejection slide from the $1287-88 supply zone and remained under some heavy selling pressure for the second consecutive session on Thursday.

• The bearish momentum, also marking the third down day in the previous four, has now dragged the commodity to over one-week lows, around the $1270 region amid fading safe-haven demand.

• Meanwhile, the overnight slide confirmed a bearish break through an important $1278 horizontal support and hence, the ongoing downfall could further be attributed to some fresh technical selling.

• Oscillators on 4-hourly/daily charts maintained their bearish bias but are already pointing to slightly oversold conditions on the 1-hourly chart, warranting some consolidation/modest rebound.

• However, the set-up remains in favor of bearish traders and hence, any attempted recovery move might still be looked upon as a selling opportunity for an eventual slide to $1260 support area.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1270.65
Today Daily Change	-5.34
Today Daily Change %	-0.42
Today daily open	1275.99

Trends
Daily SMA20	1285.08
Daily SMA50	1297.53
Daily SMA100	1293.27
Daily SMA200	1252.88

Levels
Previous Daily High	1287.18
Previous Daily Low	1273.5
Previous Weekly High	1288.75
Previous Weekly Low	1265.6
Previous Monthly High	1310.7
Previous Monthly Low	1265.6
Daily Fibonacci 38.2%	1278.73
Daily Fibonacci 61.8%	1281.96
Daily Pivot Point S1	1270.6
Daily Pivot Point S2	1265.21
Daily Pivot Point S3	1256.91
Daily Pivot Point R1	1284.28
Daily Pivot Point R2	1292.58
Daily Pivot Point R3	1297.97

Author

Haresh Menghani

FXStreet

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

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