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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD holds around 1.0900 despite sentiment deteriorates

An unattractive dollar helped EUR/USD reach 1.0926, its highest in a week. The positive market’s mood that lead the way ever since the week started begun to ease. Wall Street trimmed early gains, ends the day mixed.

EUR/USD News

AUD/USD struggles near 0.6200

 

The AUD/USD pair is losing some ground after flirting with the 0.6200 level, weighed by US indexes losing ground ahead of the close. RBA’s optimistic stance underpinned the Aussie.

AUD/USD News

Coronavirus figures: Why traders should ignore Mondays and Tuesdays, focus on other stats

 Figures on Mondays tend to show a drop in cases and deaths in various places in the world. such as Spain, and New York's figures all provide hope, contributing to a massive stock market rally on Monday, April 6.

Read more

Gold: Investors could be getting complacent and gold is great barometer

he USD 1640.00 level is a decent support level to watch as it has been used on six occasions and seem reliable. Even if it does break it will tell you a lot about the state of the market and the perception of the safe-haven asset.

Gold News

WTI taking a breather below $30.00 a barrel

WTI consolidates last week’s advance as WTI is weighing the Trump tweet suggesting that a Saudi-Russian deal has been concluded. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures