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

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD extends gains toward 1.31 after upbeat UK wage figures

GBP/USD is extending its gains and advancing toward 1.31 after UK wage figures beat expectations with 3.2% annually. The unemployment rate remained at 3.8% in November. 

GBP/USD News

EUR/USD recaptures 1.11 amid upbeat German figures, USD weakness

EUR/USD is trading above 1.11 after the German ZEW Economic Sentiment beat with 26.7 points. Presidents Trump and Macron agreed not to slap tariffs on each others' countries. The US dollar is retreating.

EUR/USD News

Market delays the trip to the moon

The crypto markets continue to turn to a new bullish phase. This turnaround began at the beginning of the year after a consolidation phase that started in mid-2019. 

Read more

Gold retreats from 2-week tops, drifts into negative territory

Gold failed to capitalize on its early uptick to near two-week tops and dropped to fresh session lows, around the $1560 region in the last hour.

Gold News

USD/JPY: Weaker near 110.00 amid China virus fears, BOJ's status-quo

The Japanese yen retains the bid tone following the Bank of Japan's (BOJ) status-quo, keeping USD/JPY under pressure near the 110 level amid risk-off market profile. S&P 500 futures drop 0.40% while the US Treasury yields are down over 1.50%, as the sentiment is hit by the coronavirus outbreak. 

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures