Gold technical analysis: The precious metal could be starting to find support


  • Gold is trading flat today in a quiet session due to veterans day in the US.
  • There is an internal trendline where gold may find some support on the daily chart.

 

Gold Daily Chart

The precious metal has been selling off during the risk rally.

The main reason for the weakness in gold has been the positive rhetoric between the US and China.

There has been a small snag when US President Trump failed to confirm if tariffs will be rolled back.

Today gold is still under pressure as US equities markets rise despite veterans day. 

On the daily chart below there could be some support at the trendline. I have marked some other support areas with the green arrow and it seems they are all in close proximity.

The next strong support zones lie at USD 1439.14 and USD 1452.95 per ounce.

 

Gold technical analysis

Additional Levels

XAU/USD

Overview
Today last price 1459.9
Today Daily Change 1.29
Today Daily Change % 0.09
Today daily open 1458.61
 
Trends
Daily SMA20 1491.66
Daily SMA50 1499.53
Daily SMA100 1476.85
Daily SMA200 1390.47
 
Levels
Previous Daily High 1472.94
Previous Daily Low 1456.43
Previous Weekly High 1514.85
Previous Weekly Low 1456.43
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1462.73
Daily Fibonacci 61.8% 1466.63
Daily Pivot Point S1 1452.38
Daily Pivot Point S2 1446.15
Daily Pivot Point S3 1435.88
Daily Pivot Point R1 1468.89
Daily Pivot Point R2 1479.16
Daily Pivot Point R3 1485.39

 

 

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

EUR/USD holds onto highs despite souring mood

EUR/USD is trading above 1.22 but off the highs. US Durable Goods Orders jumped by 3.4% in January, better than expected, and jobless claims surprised with a fall to 730K. Q4 GDP upgraded to 4.1%, as expected. The dollar is down despite falling stocks and rising US yields.

EUR/USD News

XAU/USD drops further to $1770 ahead of critical support

Gold dropped further during the American session and bottomed at $1769, the lowest level since last Friday. The metal erased weekly gains and is back below $1780 as US yields keep rising.

Gold news

S&P 500: Day Ahead Outlook Inflation fears linger as doves hit turbulence

US equity markets look for direction on Thursday with mixed signals leading to steady and slightly lower trade. Inflation concerns haven't gone away as the US 10 year hits another year high at nearly 1.5%.

Read more

Crypto bull run on track amid surge in US inflation expectations

The crypto bull run has taken a breather after the gruesome drop in value at the beginning of this week. Bitcoin led the freefall, dropping from $58,000 to $45,000. Generally, all cryptocurrencies retraced and are now holding above key support levels to prepare for another upswing to new yearly highs.

Read more

US Dollar Index remains depressed below 90.00

The greenback manages to bounce off weekly lows near 89.70, although it keeps navigating a sea of red when gauged by the US Dollar Index (DXY).

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures