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

AUD/USD consolidates, bulls eye push towards 0.7400

AUD/USD is currently trading just below Tuesday highs at 0.7369, as bulls eye a push towards the 0.7400 level. A significant improvement in global risk appetite gave AUD a boost on Tuesday and sets the currency up well for the coming Wednesday Asia session.

AUD/USD News

Gold consolidates above $1,800, hangs near four-month lows

Gold holds just above the $1,800 threshold while taking rounds close to four-month lows. The hopes of the US stimulus and recovery from the coronavirus (COVID-19) keep the gold bears hopeful. DJI30, S&P 500 closed at the record top, DXY eased.

Gold news

NZD/USD wavers around 2.5-year high below 0.7000 even as RBNZ’s Orr backs low interest rates

NZD/USD keeps the choppy trading above 0.6965, easing five pips off-late. RBNZ Governor Adrian Orr says low interest rates ensure NZD’s competitiveness. A light calendar in Asia highlights risk news for fresh impulse.

NZD/USD News

On-chain metrics spell trouble for Bitcoin, Ethereum, and XRP despite on-going bull rally

The top three cryptocurrencies are seeing massive gains over the past few days. BTC price is close to its all-time high, currently trading at $19,300. XRP had a massive 242% colossal rally in the past week. ETH also closely following BTC's step.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures