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

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

 

 

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