Gold Technical Analysis: Seems poised to challenge 38.2% Fibo. support near $1273 area

Haresh Menghani FXStreet

• The precious metal extended last week's bearish break through confluence support and fell to over two-week lows on the first trading day of a new week.

• The mentioned support comprised of 4-hourly 100-period SMA and the lower end of a near one-week-old trading range, forming a rectangular chart pattern.

• A subsequent bearish acceptance below 23.6% Fibo. level of the $1232.95-$1298.56 confirmed that the commodity might have already topped out in the near-term.

• Oscillators on hourly charts are holding in the negative territory and have also started losing positive momentum on the daily chart, adding credence to the bearish bias.

• Hence, a follow-through weakness below the $1277-76 region should pave the way for further near-term downfall towards 38.2% Fibo. level support near the $1273 region.

Gold 4-hourly chart

XAU/USD

Overview:
    Today Last Price: 1279.08
Today Daily change %: -0.13%
    Today Daily Open: 1280.8
Trends:
    Daily SMA20: 1283.9
    Daily SMA50: 1252.63
    Daily SMA100: 1233
    Daily SMA200: 1228.8
Levels:
    Previous Daily High: 1292.56
    Previous Daily Low: 1280.65
    Previous Weekly High: 1295.9
    Previous Weekly Low: 1276.2
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Daily Fibonacci 38.2%: 1285.2
    Daily Fibonacci 61.8%: 1288.01
    Daily Pivot Point S1: 1276.78
    Daily Pivot Point S2: 1272.76
    Daily Pivot Point S3: 1264.88
    Daily Pivot Point R1: 1288.69
    Daily Pivot Point R2: 1296.57
    Daily Pivot Point R3: 1300.59

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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