Gold Technical Analysis: Intraday slide finds some support near 38.2% Fibo. level

Haresh Menghani FXStreet

• The precious metal failed to build on the recent recovery move from near four-month lows and met with some fresh supply at the start of a new trading week.

• However, the intraday slide found some support near 38.2% Fibonacci retracement level of the $1266.50-$1288.75 bounce, coinciding with 200-hour EMA.

• Meanwhile, oscillators on the daily chart maintained their bearish bias and have been losing momentum on the 1-hourly chart, suggesting further downside.

• Hence, weakness below the mentioned support is likely to accelerate the slide further towards 100/200-hour SMA and 50% Fibo. level confluence support.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1281.36
Today Daily Change	-4.74
Today Daily Change %	-0.37
Today daily open	1286.1

Trends
Daily SMA20	1286.42
Daily SMA50	1300.65
Daily SMA100	1292.19
Daily SMA200	1251.55

Levels
Previous Daily High	1288.75
Previous Daily Low	1275.64
Previous Weekly High	1288.75
Previous Weekly Low	1265.6
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1283.74
Daily Fibonacci 61.8%	1280.65
Daily Pivot Point S1	1278.25
Daily Pivot Point S2	1270.39
Daily Pivot Point S3	1265.14
Daily Pivot Point R1	1291.35
Daily Pivot Point R2	1296.6
Daily Pivot Point R3	1304.46

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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