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

 

 

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