Gold Technical Analysis: runs into 78.6% Fib of $1,321, 4H RSI and MACD diverge
Gold is struggling to find acceptance above $1,321, which is the 78.6 percent Fibonacci retracement of the sell-off from $1,365 to $1,160 and could see a minor pullback as the short duration indicators are beginning to diverge in favor of the bears.
4-hour chart
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As seen above, the previous 4-hour candle clocked a high of $1,323 - a level last seen in May 2018 - but failed to close above the 78.6 percent Fibonacci retracement level of $1,321.
Further, the current 4-hour candle is reporting losses below that Fib hurdle.
Notably, the relative strength index (RSI) has produced a lower high in response to a higher high on price. The moving average convergence divergence (MACD) bars continue to lose altitude, signaling weakening bullish pressures.
Therefore, a minor pullback, possibly to levels below $1,300, could be seen before Friday's NY close.
Trend: minor pullback likely
XAU/USD
Overview:
Today Last Price: 1318.99
Today Daily change: 0.13 pips
Today Daily change %: 0.01%
Today Daily Open: 1318.86
Trends:
Daily SMA20: 1291.36
Daily SMA50: 1265.02
Daily SMA100: 1240.92
Daily SMA200: 1229.3
Levels:
Previous Daily High: 1323.14
Previous Daily Low: 1309.46
Previous Weekly High: 1300.28
Previous Weekly Low: 1275.9
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Daily Fibonacci 38.2%: 1317.91
Daily Fibonacci 61.8%: 1314.69
Daily Pivot Point S1: 1311.17
Daily Pivot Point S2: 1303.47
Daily Pivot Point S3: 1297.49
Daily Pivot Point R1: 1324.85
Daily Pivot Point R2: 1330.84
Daily Pivot Point R3: 1338.53
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
