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:

XAU/USD

Overview:
    Last Price: 1223.58
    Daily change: -2.5e+2 pips
    Daily change: -0.203%
    Daily Open: 1226.07
Trends:
    Daily SMA20: 1227.93
    Daily SMA50: 1212.41
    Daily SMA100: 1207.17
    Daily SMA200: 1244.95
Levels:
    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

 

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