• The precious metal extended its recent sharp retracement slide from the $1310-11 supply zone and tumbled to near 2-1/2 month lows during the early North-American session on Tuesday.
• Acceptance below 100-day SMA - for the first time since mid-Nov. 2018, was seen as a key trigger for bearish traders and prompted aggressive technical selling amid the prevalent risk-on mood.
• However, any attempted bounce might now be seen as a selling opportunity for an immediate downside target of $1269-68 before the commodity eventually drops to test the $1260 support area.
Gold daily chart
|Today last price||1279.92|
|Today Daily Change||-6.86|
|Today Daily Change %||-0.53|
|Today daily open||1286.78|
|Previous Daily High||1292.05|
|Previous Daily Low||1271.1|
|Previous Weekly High||1310.7|
|Previous Weekly Low||1288.7|
|Previous Monthly High||1327.8|
|Previous Monthly Low||1280.1|
|Daily Fibonacci 38.2%||1279.1|
|Daily Fibonacci 61.8%||1284.05|
|Daily Pivot Point S1||1274.57|
|Daily Pivot Point S2||1262.36|
|Daily Pivot Point S3||1253.62|
|Daily Pivot Point R1||1295.52|
|Daily Pivot Point R2||1304.26|
|Daily Pivot Point R3||1316.47|
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