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.

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