Gold technical analysis: Pivots around $1500 mark, below 200-hour SMA

Gold has been pivoting around the key $1500 psychological mark over the past two trading sessions and remained confined in a narrow trading band through the early European session on Thursday.
The commodity has already found acceptance below 200-hour SMA and has been consolidating around 23.6% Fibonacci retracement level of the $1400-$1535 recent upsurge to multi-year tops.

Haresh Menghani FXStreet

Meanwhile, technical indicators on hourly charts have been drifting lower in the negative territory and now seemed to support prospects for an extension of the corrective slide back towards testing last week's swing lows - around the $1483-81 region - also nearing 38.2% Fibo. level.

However, oscillators on the daily chart have still managed to maintain their bullish bias and should continue to attract some dip-buying interest at lower levels, which might help limit further downside ahead of the Fed Chair Jerome Powell's scheduled speech at Jackson Hole on Friday.

Should bulls fail to defend the mentioned support, some follow-through selling might turn the precious metal to accelerate the slide further towards $1475 level en-route 50% Fibo. level near the $1467-65 zone and a previous resistance breakpoint turned support near the $1450 region.

On the flip side, 200-hour SMA - currently near the $1507 region now seems to act as an immediate resistance, which if cleared decisively might trigger a fresh leg of an up-move and lift the yellow metal back towards $1522 intermediate resistance ahead of multi-year tops.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1501
Today Daily Change	-1.75
Today Daily Change %	-0.12
Today daily open	1502.75

Trends
Daily SMA20	1474.93
Daily SMA50	1430.91
Daily SMA100	1361.48
Daily SMA200	1321.66

Levels
Previous Daily High	1507.95
Previous Daily Low	1496.68
Previous Weekly High	1534.4
Previous Weekly Low	1481
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1500.98
Daily Fibonacci 61.8%	1503.64
Daily Pivot Point S1	1496.97
Daily Pivot Point S2	1491.18
Daily Pivot Point S3	1485.69
Daily Pivot Point R1	1508.24
Daily Pivot Point R2	1513.73
Daily Pivot Point R3	1519.52

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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