Gold Technical Analysis: Slides closer to YTD lows, confirms a near-term bearish break down


   •  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.

   •  Bearish technical indicators on the daily chart support prospects for a further near-term depreciating move, albeit slightly oversold conditions on hourly charts warrant some caution.

   •  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

XAU/USD

Overview
Today last price 1279.92
Today Daily Change -6.86
Today Daily Change % -0.53
Today daily open 1286.78
 
Trends
Daily SMA20 1299.8
Daily SMA50 1306.09
Daily SMA100 1288.34
Daily SMA200 1247.9
Levels
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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