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

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD holds steady near 0.7200 amid escalating US-Iran tensions

AUD/USD consolidates just below its highest level since mid-May, touched on Friday, and hovers around 0.7200 at the start of a new week amid mixed cues. Hawkish RBA expectations continue to act as a tailwind for the Aussie. Meanwhile, the upbeat US NFP report lifted Fed rate hike bets, which, along with escalating US-Iran tensions, underpins the safe-haven US Dollar and caps the currency pair.

USD/JPY declines toward 154.00 on aggressive hawkish BoJ repricing

USD/JPY accelerates its decline and trades at its lowest level since late February below 155.00 on Monday as an aggressively hawkish BoJ repricing continues to drive the Japanese Yen higher. Meanwhile, the US Dollar faces headwinds from US debt worries and uncertainty about the Fed's policy outlook ahead of Friday's US CPI data release.

Gold recovers intraday losses to sub-$4,400 as USD slumps despite Fed rate hike bets

Gold shows some resilience below the $4,400 mark, and recovers intraday losses during the first half of the European session. Any meaningful upside, however, seems limited as traders might opt to wait on the sidelines ahead of the latest US inflation figures, due later this week.

Bittensor: TAO eyes $300 amid launch on Raydium, parody meme coin, ChatGPT-6 Astra release

Bittensor is trading in the green on Monday, continuing a steady upward trend over the last five days, with a 25% gain. Social chatter surrounding Bittensor is increasing amid a similarly named meme coin launched on Solana and the release of ChatGPT-6 Astra. The technical outlook for TAO is bullish as momentum strengthens and buyers target the $300 breakout.

Strong US jobs, Middle East tensions and key inflation data ahead

Good morning all, hope you enjoyed your weekend. Markets are starting the week after Friday’s stronger-than-expected US jobs report, which increased expectations that the Fed could raise rates at its September meeting. However, US markets are closed today for the Labor Day holiday, so liquidity should be lower and we may see slower price action.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.