Gold Technical Analysis: Mission Accomplished for bears as the Yellow Metal hits 1,220.90 level

  • Gold is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart.
  • Gold retraced to the 1,220.90 support level. Bulls might try to support the market here. The RSI, MACD and Stochastic indicators are negative suggesting potential continued bearish momentum. 
  • However, a break below the level can open the doors to 1,211.80 (October 31 low). 

Gold 4-hour chart

Main trend:                 Bullish

Resistance 1:            1,237.60 July 3 swing low
Resistance 2:            1,250.00 figure
Resistance 3:            1,265.90 July high
Resistance 4:            1,300.00 figure

Support 1:            1,220.90 July 18 low
Support 2:            1,211.80 October 31 low
Support 3:            1,204.10, August 3 swing low (key level)
Support 4:            1,182.90 August 24 low
Support 5:            1,172.82 current 2018 low


Additional key levels at a glance:


    Last Price: 1223.58
    Daily change: -2.5e+2 pips
    Daily change: -0.203%
    Daily Open: 1226.07
    Daily SMA20: 1227.93
    Daily SMA50: 1212.41
    Daily SMA100: 1207.17
    Daily SMA200: 1244.95
    Daily High: 1236.6
    Daily Low: 1222.7
    Weekly High: 1237.6
    Weekly Low: 1211.8
    Monthly High: 1243.43
    Monthly Low: 1182.54
    Daily Fibonacci 38.2%: 1228.01
    Daily Fibonacci 61.8%: 1231.29
    Daily Pivot Point S1: 1220.31
    Daily Pivot Point S2: 1214.56
    Daily Pivot Point S3: 1206.41
    Daily Pivot Point R1: 1234.21
    Daily Pivot Point R2: 1242.36
    Daily Pivot Point R3: 1248.11


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.