Gold Technical Analysis: Off 3.5-month lows, but bias remains bearish


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).

Daily chart

Trend: Bearish

XAU/USD

Overview
Today last price 1277.1
Today Daily Change -1.17
Today Daily Change % -0.09
Today daily open 1278.27
 
Trends
Daily SMA20 1298.39
Daily SMA50 1305.35
Daily SMA100 1288.97
Daily SMA200 1248.32
Levels
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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