Gold Technical Analysis: Finds some support near 50% Fibo. level of the recent positive move

Haresh Menghani FXStreet

• The precious metal stalled its recent positive momentum near 200-period SMA on the 4-hourly chart and came under some renewed selling pressure on Thursday.

• The intraday slide dragged the commodity below the key $1300 psychological mark and tested 50% Fibonacci retracement level of the $1280-$1311 latest up-move.

• Slightly oversold conditions on the 1-hourly chart turned out to be the only factor that helped limit further downside and find some support near the mentioned Fibo. level.

• Meanwhile, oscillators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting further near-term weakness.

• A follow-through weakness below the said support will reinforce the bearish outlook and accelerate the weakening trend further towards testing the $1290 horizontal support.

Gold 4-hourly chart

XAU/USD

Overview:
    Today Last Price: 1298.3
    Today Daily change %: -0.83%
    Today Daily Open: 1309.12
Trends:
    Daily SMA20: 1311.75
    Daily SMA50: 1303.67
    Daily SMA100: 1269.86
    Daily SMA200: 1238.53
Levels:
    Previous Daily High: 1312.8
    Previous Daily Low: 1300.65
    Previous Weekly High: 1300.7
    Previous Weekly Low: 1280.1
    Previous Monthly High: 1346.85
    Previous Monthly Low: 1300.1
    Daily Fibonacci 38.2%: 1308.16
    Daily Fibonacci 61.8%: 1305.29
    Daily Pivot Point S1: 1302.25
    Daily Pivot Point S2: 1295.37
    Daily Pivot Point S3: 1290.1
    Daily Pivot Point R1: 1314.4
    Daily Pivot Point R2: 1319.67
    Daily Pivot Point R3: 1326.55

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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