• 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
|Today last price||1305.28|
|Today Daily Change||-1.25|
|Today Daily Change %||-0.10|
|Today daily open||1306.53|
|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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