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.

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

fxsoriginal

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

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD capped under 1.13 as Lagarde hints at inaction

EUR/USD is trading below 1.13, steady. ECB President Lagarde hinted she will pause in next week's decision while urging leaders to agree on fiscal stimulus. US coronavirus data and Sino-American relations are eyed.

EUR/USD News

Gold: Bulls await fresh impetus to conquer $1800

The flight to safety theme, in the face of rising coronavirus cases and regional lockdowns globally, drove Gold drove to its highest level since November 2011 just below the $1800 mark. Will it conquer the key level in the day ahead? 

Gold News

GBP/USD holds up around 1.2550 ahead of Sunak's speech

GBP/USD is trading around 1.2550, holding onto its gains. UK Chancellor Sunak is set to lay out the fiscal stimulus plan. Brexit remains deadlocked as PM Johnson told German Chancellor Merkel that Britain could leave without a deal.

GBP/USD News

Forex Today: Gold eyeing $1,800, dollar mixed, as coronavirus, Hong Kong peg move markets

Markets are looking for a new direction after stocks retreated and the dollar gained some ground on Tuesday. Concerns about coronavirus cases in the US and geopolitical tensions are in play.

Read more

WTI looks for a firm direction below $41.00, EIA inventories eyed

WTI recedes from intraday top while also keeping the bounce off daily low near $40.30. Global pressure on China, coronavirus resurgence keeps a lid on the blackgold. European oil giant follows BP and Shell to cut price forecast. EIA Crude Oil Stocks expected to drop 3.4M versus prior fall of 7.195M.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures