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

Haresh Menghani FXStreet

• 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

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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