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

   •  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


    Today Last Price: 1298.3
    Today Daily change %: -0.83%
    Today Daily Open: 1309.12
    Daily SMA20: 1311.75
    Daily SMA50: 1303.67
    Daily SMA100: 1269.86
    Daily SMA200: 1238.53
    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


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 stable around 1.1300 as markets look calmer

EUR/USD continues trading around 1.1300, marginally higher on the day. Markets are calmer after the sell-off and this helps the euro stabilize and it ignored weak German GfK consumer confidence. Brexit headlines are eyed.


GBP/USD moves up after Parliament takes control

GBP/USD is holding above 1.3200 after Parliament approved holding indicative votes. The non-binding votes may put pressure on May to change tack on Brexit or may push Brexiteers to support her deal.


USD/JPY sticks to modest gains above 110.00 handle, but lacks follow-through

The USD/JPY pair regained some positive traction on Tuesday, albeit continued with its struggle to build on the momentum further beyond the 110.25 region.


What currencies to buy on a US recession after the yield curve inversion?

Bond markets tend to give signals for the future. In the past, when the 3-month US Treasury yield became higher than the benchmark 10-year yield, it was an initial sign of a recession.

Read full report

Gold corrects from 1-month tops, downside seems limited

Gold witnessed some profit-taking move on Tuesday and eroded a part of the previous session's strong up-move to near one-month tops.

Gold News