Gold is currently trading at $1,277 per Oz, having a low of $1,273 yesterday - a level last seen on Dec. 27.
The bounce from 3.5-month lows may be extended further to $1,281 (April 4 low), as the 4-hour chart relative strength index (RSI) is reporting oversold conditions with a below-30 reading at press time.
The recovery, however, will likely be transient, as the yellow metal confirmed a descending triangle breakdown with a close at $1,276 yesterday. The breakdown has reinforced the bearish view put forward by the lower highs pattern and the downward sloping 10-day moving average.
As a result, gold appears on track to test support at $1,262 (trendline connecting August and November lows).
|Today last price||1277.1|
|Today Daily Change||-1.17|
|Today Daily Change %||-0.09|
|Today daily open||1278.27|
|Previous Daily High||1288.95|
|Previous Daily Low||1273.05|
|Previous Weekly High||1310.7|
|Previous Weekly Low||1288.7|
|Previous Monthly High||1327.8|
|Previous Monthly Low||1280.1|
|Daily Fibonacci 38.2%||1279.12|
|Daily Fibonacci 61.8%||1282.88|
|Daily Pivot Point S1||1271.23|
|Daily Pivot Point S2||1264.19|
|Daily Pivot Point S3||1255.33|
|Daily Pivot Point R1||1287.13|
|Daily Pivot Point R2||1295.99|
|Daily Pivot Point R3||1303.03|
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