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.

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

fxsoriginal

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

 

 

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