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.
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.
|Today last price||1285.44|
|Today Daily Change||-1.34|
|Today Daily Change %||-0.10|
|Today daily open||1286.78|
|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|
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