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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD stalls at key support juncture, eyes on 38.2 % correction

AUD/USD has been in the hands of the bears all the way to a critical support area and the focus now is on the correction pertaining to the USD. The focus is now on whether the US dollar gives back some ground before completing a 5-wave technical move to the upside.

AUD/USD News

Gold's potential short-term reprieve if USD pulls back

Gold prices have deteriorated in the US dollar's relentless comeback as investors move away from stocks. The price of the dollar is correlated to gold, so it stands to reason that if the dollar is about to tail off its gains, then gold should find reprieve.

Gold News

USD/JPY: This could be the bulls's last dance in the 105, eyes on 103.50s

USD/JPY is stalling at market structure and bears and looking for opportunity to the downside. Bulls might have some upside to go yet, but the air will be getting thinner in those heights.

USD/JPY News

WTI: Oil sellers face rejection below $39.30 for third straight day

WTI fades the drop to sub-$39.30 levels for the third consecutive day. The repeated bear failure may entice buyers and yield a bounce. However, Sept. 18 high remains a level to beat for the bulls.

Oil News

Euro outlook: Is 1.15 next?

Investors continued to sell euros on Wednesday, driving the currency to its weakest level since July. Europe’s greatest fear is materializing with the number of coronavirus cases exceeding 5 million. As we indicated at the start of the week, stricter restrictions are on their way.

Read more

Forex MAJORS

Cryptocurrencies

Signatures