Gold Technical Analysis: Remains vulnerable near 1-week lows, just above $1455 level

Gold remains depressed amid renewed US-China trade optimism.
A retest of monthly lows, around $1445, remains a distinct possibility.

Haresh Menghani FXStreet

Gold traded with a mild negative bias for the fourth consecutive session on Monday and is currently placed near one-week lows, just above the $1455 horizontal support.

Given that the commodity has been trending lower along a two-month-old descending trend-channel, the near-term set-up remains tilted in favour of bearish traders.

This coupled with the recent failures near the 100-day SMA support-turned-resistance further reinforce the negative outlook amid renewed US-China trade optimism.

Moreover, technical indicators on the daily chart maintained their bearish bias and support prospects for an extension of the recent pullback from multi-year tops.

Hence, some follow-through selling below the $1455 support zone will set the stage for a slide towards retesting monthly swing lows around the $1445 region.

On the flip side, any meaningful recovery attempt might now confront some fresh supply and remain capped near the $1470 strong horizontal resistance.

Gold daily chart

XAU/USD

Overview
Today last price	1459.48
Today Daily Change	-2.79
Today Daily Change %	-0.19
Today daily open	1462.27

Trends
Daily SMA20	1478.72
Daily SMA50	1490.24
Daily SMA100	1482.35
Daily SMA200	1398.2

Levels
Previous Daily High	1473.3
Previous Daily Low	1461.64
Previous Weekly High	1478.86
Previous Weekly Low	1456.54
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1466.1
Daily Fibonacci 61.8%	1468.85
Daily Pivot Point S1	1458.18
Daily Pivot Point S2	1454.08
Daily Pivot Point S3	1446.52
Daily Pivot Point R1	1469.83
Daily Pivot Point R2	1477.39
Daily Pivot Point R3	1481.49

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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