Gold Technical Analysis: Remains vulnerable below 100-day SMA

  • The recent corrective bounce from three-month lows falters ahead of 100-DMA.
  • Bears might now aim to challenge monthly swing low, around the $1445 region.

Gold seems to have stalled its recent corrective bounce from three-month lows and witnessed a modest pullback from previous support, now turned resistance near 100-day SMA.
Meanwhile, the commodity has been trending lower over the past two months or so along a descending trend-channel, which clearly points to a well-established near-term downtrend.
This coupled with the fact that technical indicators on the daily chart have struggled to recover from the negative territory add credence to the commodity’s near-term bearish outlook.
Hence, some follow-through weakness, possibly towards $1457-55 intermediate support en-route monthly swing lows around the $1445 region, now looks a distinct possibility.
The latter coincides with 38.2% Fibonacci level of the $1265-$1557 positive move and is closely followed by the lower end of the descending trend-channel, around the $1440 region.
Failure to defend the mentioned support levels might be seen as a key trigger for bearish traders and pave the way for an extension of the recent pullback from multi-year tops.
On the flip side, immediate resistance is pegged near the $1481-82 region (100-DMA), above which the commodity is likely to aim back towards the key $1500 psychological mark.
The momentum could further get extended towards the trend-channel resistance, currently near the $1509-10 region, which if cleared might negate any near-term bearish bias.

Gold daily chart



Today last price 1468.81
Today Daily Change -4.16
Today Daily Change % -0.28
Today daily open 1472.97
Daily SMA20 1482.74
Daily SMA50 1491.44
Daily SMA100 1481.25
Daily SMA200 1396.66
Previous Daily High 1478.86
Previous Daily Low 1466.12
Previous Weekly High 1474.6
Previous Weekly Low 1445.8
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1473.99
Daily Fibonacci 61.8% 1470.98
Daily Pivot Point S1 1466.44
Daily Pivot Point S2 1459.9
Daily Pivot Point S3 1453.69
Daily Pivot Point R1 1479.18
Daily Pivot Point R2 1485.39
Daily Pivot Point R3 1491.93



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