Gold Technical Analysis: Trades below 100-day MA, eyes descending triangle support

Omkar Godbole FXStreet Contributor

Gold is currently on the defensive below the 100-day moving average at $1,288 and could soon drop to the descending triangle support of $1,282.

Daily chart

A close below $1,282 would confirm triangle breakdown or bullish-to-bearish trend change and expose the support of the trendline connecting August and November lows, currently at $1,261.

The bearish close looks likely as the yellow metal seems to have found acceptance under the key 100-day MA line with the 5- and 10-day MAs trending south.

Supporting the bearish case is the previous week's gravestone doji candle and the downward sloping 5- and 10-week MAs.

Weekly chart

Trend: Bearish

XAU/USD

Overview
Today last price	1285.44
Today Daily Change	-1.34
Today Daily Change %	-0.10
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

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

GBP/USD off highs, back to 1.3620

GBP/USD remains slightly on the defensive at the end of the week, receding to the low 1.3600s after hitting fresh tops past 1.3670 earlier in the day. Cable’s correction comes after two daily gains in a row and amid a tepid advance in the Greenback, while poor UK data also accompany the downside.

EUR/USD treads water below 1.1700

EUR/USD now trades with modest losses around 1.1670 following another unsuccessful atempt to advance past 1.1700 the figure in a convincing fashion. The pair’s decline follows a maginal rebound in the US Dollar as market participants continue to assess recent US data as well as developments from the US bond market.

Gold trims gains, recedes to the sub-$4,600 area

Gold rapidly leaves behind Thursday’s inconclusive price action and advances markedly on Friday, briefly surpassing the $4,600 mark per troy ounce to hit three-month peaks. Meanwhile, the precious metal’s solid performance comes despite marginal gains in the buck coupled with another day of rising US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Week ahead – Fed’s Jackson Hole and Nvidia earnings to dictate markets

Kevin Warsh to make his Jackson Hole debut amid confusing messaging. But a major hawkish surprise unlikely after bond market intervention. Nvidia earnings to also determine market direction as stock rally cools.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.