Gold Technical Analysis: Shows some resilience below 200-hour SMA, at least for now

Gold meets with some fresh supply and reverses Friday’s positive move.
Bears are likely to wait for a sustained break below $1527-26 region.

Haresh Menghani FXStreet

Gold maintained its offered tone through the mid-European session on Monday, albeit bulls showed some resilience below the $1550 region, or 100-hour SMA.

The mentioned region coincides with 38.2% Fibonacci level of the $1470-$1611 positive move and should now act as a key pivotal point for short-term traders.

Below the mentioned support, the metal might accelerate the slide towards testing 61.8% Fibonacci level of the $1470-$1611 positive move, around the $1527-26 region.

Meanwhile, mixed technical indicators on hourly/daily charts haven't been supportive of any firm direction and warrant some caution before placing any aggressive bets.

Hence, it will be prudent to wait for some strong follow-through selling before positioning for an extension of the commodity's recent pullback from multi-year tops.

On the upside, immediate resistance is pegged near the $1560 region (38.2% Fibo. level), above which the momentum could get extended towards the $1572 horizontal zone.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1553.16
Today Daily Change	-7.16
Today Daily Change %	-0.46
Today daily open	1560.32

Trends
Daily SMA20	1516.21
Daily SMA50	1487.74
Daily SMA100	1496.1
Daily SMA200	1431

Levels
Previous Daily High	1561
Previous Daily Low	1545.8
Previous Weekly High	1611.3
Previous Weekly Low	1540.3
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1555.19
Daily Fibonacci 61.8%	1551.61
Daily Pivot Point S1	1550.42
Daily Pivot Point S2	1540.51
Daily Pivot Point S3	1535.22
Daily Pivot Point R1	1565.62
Daily Pivot Point R2	1570.91
Daily Pivot Point R3	1580.82

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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