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.

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

fxsoriginal

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

 

 

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