Gold Technical Analysis: Impending bear cross favors drop to $1,445

Gold's 50- and 100-day averages are on track to produce a bearish crossover.
The impending bear cross will likely invite stronger chart-driven selling.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,457, representing a 0.20% rise on the day.

The moderate gain, however, could be short-lived as the impending bear cross between the 50- and 100-day moving averages is likely to invite stronger chart-driven selling.

At press time, the 50- and 100-day averages are located at $1,486 and $1,484, respectively. The bearish crossover looks set to happen in the next day or two.

Other chart studies are also biased bearish. For instance, the 14-day relative strength index is holding below 50 and the MACD histogram is hovering below zero.

The lower high at $1,475 established on Nov. 20 indicates the path of least resistance is to the downside.

And last but not the least, the greenback, gold's biggest nemesis, is expected to trade on the front foot courtesy of the upbeat US data - the third-quarter gross domestic product increased by 2.1% in the third quarter, driven by strong consumer spending.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1456.78
Today Daily Change	1.87
Today Daily Change %	0.13
Today daily open	1454.91

Trends
Daily SMA20	1473.56
Daily SMA50	1487.81
Daily SMA100	1483.96
Daily SMA200	1400.07

Levels
Previous Daily High	1463
Previous Daily Low	1452.8
Previous Weekly High	1478.86
Previous Weekly Low	1456.54
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1456.7
Daily Fibonacci 61.8%	1459.11
Daily Pivot Point S1	1450.8
Daily Pivot Point S2	1446.7
Daily Pivot Point S3	1440.6
Daily Pivot Point R1	1461.01
Daily Pivot Point R2	1467.11
Daily Pivot Point R3	1471.22

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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