Gold Technical Analysis: Overnight rejection slide from 200-period SMA eyeing 1-week old ascending trend-line

   •  The precious metal failed to capitalize on the overnight positive move and once again faced rejection - for the second time in the past one week or so, near 200-period SMA on the 4-hourly chart.

   •  The corrective slide has now dragged the commodity closer to a one-week-old ascending trend-line, which if broken might negate any near-term bearish bias and pave the way for further downside.

   •  Technical indicators on the 1-hourly chart have started gaining negative momentum but maintained their neutral bias on 4-hourly/daily charts, warranting caution before placing aggressive bearish bets.

   •  Hence, it would be prudent to wait for a convincing break through the mentioned support before positioning for an eventual slide below the key $1300 psychological mark towards testing $1295 support.

Gold 4-hourly chart

XAU/USD

Overview
Today last price 1305.28
Today Daily Change -1.25
Today Daily Change % -0.10
Today daily open 1306.53
 
Trends
Daily SMA20 1306.62
Daily SMA50 1304.76
Daily SMA100 1272.91
Daily SMA200 1240.01
 
Levels
Previous Daily High 1310.92
Previous Daily Low 1302.6
Previous Weekly High 1313.3
Previous Weekly Low 1290.6
Previous Monthly High 1346.85
Previous Monthly Low 1300.1
Daily Fibonacci 38.2% 1307.74
Daily Fibonacci 61.8% 1305.78
Daily Pivot Point S1 1302.44
Daily Pivot Point S2 1298.36
Daily Pivot Point S3 1294.12
Daily Pivot Point R1 1310.76
Daily Pivot Point R2 1315
Daily Pivot Point R3 1319.08

 

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