Gold Technical Analysis: On offers for the second straight session, corrects further from 1-month tops

Haresh Menghani FXStreet

• The precious metal stalled its recent positive move and started correcting from a resistance marked by the top end of a short-term ascending trend-channel formation.

• The corrective slide from one-month tops extended for the second consecutive session on Wednesday, albeit managed to find some support ahead of the overnight swing low.

• The mentioned support coincides with 50% Fibonacci retracement level of the $1347-$1281 recent downfall and now seems to act as a key pivotal point for intraday traders.

• Any subsequent slide could further get extended towards testing the trend-channel support, currently near the $1309 region, which if broken might negate any near-term positive bias.

Gold 4-hourly chart

XAU/USD

Overview
Today last price	1314.4
Today Daily Change	-1.20
Today Daily Change %	-0.09
Today daily open	1315.6

Trends
Daily SMA20	1302.88
Daily SMA50	1307.24
Daily SMA100	1277.46
Daily SMA200	1242.25

Levels
Previous Daily High	1327.8
Previous Daily Low	1312.85
Previous Weekly High	1320.36
Previous Weekly Low	1298.3
Previous Monthly High	1346.85
Previous Monthly Low	1300.1
Daily Fibonacci 38.2%	1318.56
Daily Fibonacci 61.8%	1322.09
Daily Pivot Point S1	1309.7
Daily Pivot Point S2	1303.8
Daily Pivot Point S3	1294.75
Daily Pivot Point R1	1324.65
Daily Pivot Point R2	1333.7
Daily Pivot Point R3	1339.6

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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