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.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.