Gold technical analysis: Flat-lined around $1485 level

Bulls struggled to build on the attempted intraday move up.
Technical set-up seems tilted in favour of bearish traders.

Haresh Menghani FXStreet

Gold edged higher on Tuesday, albeit lacked any strong follow-through beyond $1490 level and remained well within a broader trading range held over the past one week or so.

The recent range-bound trading action constituted towards the formation of a rectangle on the 1-hourly chart, suggesting indecision over the commodity's near-term direction.

Given that the precious metal has repeated failed to sustain/build on attempted intraday positive moves beyond 200-hour SMA, the set-up seems tilted in favour of bearish traders.

Meanwhile, technical indicators on hourly/daily charts have also started gaining some negative traction and reinforce prospects for a further near-term depreciating move.

However, traders are likely to wait for a sustained break below the $1476-74 support before positioning for a further downfall back towards monthly swing lows – around the $1459 region.

On the flip side, a sustained move beyond the trading range resistance, near the $1496-97 region, should pave the way for a move back towards the $1510-12 heavy supply zone.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1485.64
Today Daily Change	1.17
Today Daily Change %	0.08
Today daily open	1484.47

Trends
Daily SMA20	1495.88
Daily SMA50	1506.34
Daily SMA100	1456.22
Daily SMA200	1376.58

Levels
Previous Daily High	1495.25
Previous Daily Low	1481.91
Previous Weekly High	1497.95
Previous Weekly Low	1477.15
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1487.01
Daily Fibonacci 61.8%	1490.15
Daily Pivot Point S1	1479.17
Daily Pivot Point S2	1473.87
Daily Pivot Point S3	1465.83
Daily Pivot Point R1	1492.51
Daily Pivot Point R2	1500.55
Daily Pivot Point R3	1505.85

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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