Gold Technical Analysis: Remains vulnerable to retest monthly lows, around $1445 region

Gold surrenders early gains and drifts back closer to two-week lows.
The set-up favours bearish traders and points to further weakness.

Haresh Menghani FXStreet

Gold failed to capitalize on the early attempted positive move and has now drifted to the lower end of its daily trading range, well within the striking distance of two-week lows set on Tuesday.

Given the commodity's recent pullback from multi-year tops and a subsequent break through the key 100-day SMA support, the near-term technical set-up remains firmly in favour of bearish traders.

This coupled with the fact that the yellow metal has been trending lower along a descending trend-channel formation over the past two months or so further adds credence to the negative outlook.

Meanwhile, oscillators on the daily chart maintained their bearish bias and have been struggling to recover from the negative territory on hourly charts, suggesting an extension of the recent downfall.

Hence, some follow-through selling has the potential to drag the metal back towards monthly lows support around the $1445 region, also marking the lower end of the mentioned trend-channel.

On the flip side, the $1463 region (weekly tops) now seems to have emerged as an immediate resistance, above which the metal is likely to aim towards testing the $1472-73 horizontal resistance.

The momentum could further get extended, though seems more likely to remain capped and fizzle out rather quickly near 100-day SMA support-turned-resistance, currently near the $1487-88 region.

Gold daily chart

XAU/USD

Overview
Today last price	1455.37
Today Daily Change	0.46
Today Daily Change %	0.03
Today daily open	1454.91

Trends
Daily SMA20	1473.56
Daily SMA50	1487.81
Daily SMA100	1483.96
Daily SMA200	1400.07

Levels
Previous Daily High	1463
Previous Daily Low	1452.8
Previous Weekly High	1478.86
Previous Weekly Low	1456.54
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1456.7
Daily Fibonacci 61.8%	1459.11
Daily Pivot Point S1	1450.8
Daily Pivot Point S2	1446.7
Daily Pivot Point S3	1440.6
Daily Pivot Point R1	1461.01
Daily Pivot Point R2	1467.11
Daily Pivot Point R3	1471.22

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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