Gold technical analysis: Gold bears in control, headed for a test of the 20-DMA

Ross J Burland FXStreet

Gold support has given way to a move back into the symmetrical triangle.
The 20-day moving average is now a key target on the downside.

Gold had been bumping along the symmetrical triangle's prior resistance following a breakout through the 1450 level which was followed by a fade back to the symmetrical triangle. Should price hold below 1420/25, bears will then look for a run below the 1400 psychological level. The 23.6% Fibo of the latest swing lows and highs are located at 1398. The $1,373/76 zone comes into play thereafter which meets the 19th June spike correction lows and the 38.2% Fibo of the same swing ranges.

Directly below the price in this move, we can see that the 20 daily moving average is located at 1413, this too is a key level to the downside as will the 50 and 100-days moving averages.

XAU/USD

Overview
Today last price	1418.02
Today Daily Change	-6.72
Today Daily Change %	-0.47
Today daily open	1424.74

Trends
Daily SMA20	1413.23
Daily SMA50	1356.74
Daily SMA100	1324.1
Daily SMA200	1294.44

Levels
Previous Daily High	1429.4
Previous Daily Low	1422.56
Previous Weekly High	1452.72
Previous Weekly Low	1400.2
Previous Monthly High	1438.66
Previous Monthly Low	1306.18
Daily Fibonacci 38.2%	1425.17
Daily Fibonacci 61.8%	1426.79
Daily Pivot Point S1	1421.73
Daily Pivot Point S2	1418.72
Daily Pivot Point S3	1414.88
Daily Pivot Point R1	1428.57
Daily Pivot Point R2	1432.41
Daily Pivot Point R3	1435.42

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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