Gold technical analysis: Flirting with weekly lows, just above $1480 level

Gold failed to capitalize on the overnight attempted recovery move.
The near-term technical set-up seems tilted in favour of bearish traders.

Haresh Menghani FXStreet

Gold failed to capitalize on the previous session's positive move and met with some fresh supply on Thursday, sliding back to the vicinity of the $1480 region, or weekly lows.

This is closely followed by the $1475 confluence support – comprising of 100-day SMA and the lower end of a broader trading range held over the past one month or so.

Meanwhile, technical indicators on hourly charts maintained their bearish bias and have also started gaining negative momentum on the daily chart, suggesting further downside.

However, traders are likely to wait for a sustained breakthrough the trading range support before positioning for a fall towards October monthly swing lows, around the $1460 region.

The downward trajectory could further get extended towards $1450-48 horizontal support, which if broken might pave the way for an extension of the recent depreciating move.

On the flip side, any meaningful recovery attempt might continue to confront some fresh supply and remain capped near 50-day SMA, around the key $1500 psychological mark.

Gold daily chart

XAU/USD

Overview
Today last price	1485.5
Today Daily Change	-5.65
Today Daily Change %	-0.38
Today daily open	1491.15

Trends
Daily SMA20	1494.47
Daily SMA50	1501.96
Daily SMA100	1475.46
Daily SMA200	1389.03

Levels
Previous Daily High	1494.04
Previous Daily Low	1482.7
Previous Weekly High	1515.38
Previous Weekly Low	1481.1
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1489.71
Daily Fibonacci 61.8%	1487.03
Daily Pivot Point S1	1484.55
Daily Pivot Point S2	1477.95
Daily Pivot Point S3	1473.21
Daily Pivot Point R1	1495.9
Daily Pivot Point R2	1500.64
Daily Pivot Point R3	1507.24

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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