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

 

 

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