Gold Technical Analysis: Yellow Metal bears en route towards $1,247.00/oz

Flavio Tosti Independent Analyst

Gold daily chart

Gold broke below 1,280.00 and the 100 and 200 simple moving averages (SMAs) suggesting a correction down.

Gold 4-hour chart

The Yellow Metal is trading below its main SMAs suggesting a bearish bias also in the medium-term.

Gold 30-minute chart

Gold is trading below its main SMAs suggesting bearish momentum in the short-term.
Bears broke below 1,290.00 support leaving the door open to 1,270.00; 1,260.00 level and 1,247.00 support.
Resistance is at 1,280.00 and 1,290.00 figure.

Additional key levels

XAU/USD

Overview
Today last price	1273.73
Today Daily Change	-4.54
Today Daily Change %	-0.36
Today daily open	1278.27

Trends
Daily SMA20	1298.39
Daily SMA50	1305.35
Daily SMA100	1288.97
Daily SMA200	1248.32

Levels
Previous Daily High	1288.95
Previous Daily Low	1273.05
Previous Weekly High	1310.7
Previous Weekly Low	1288.7
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1279.12
Daily Fibonacci 61.8%	1282.88
Daily Pivot Point S1	1271.23
Daily Pivot Point S2	1264.19
Daily Pivot Point S3	1255.33
Daily Pivot Point R1	1287.13
Daily Pivot Point R2	1295.99
Daily Pivot Point R3	1303.03

Author

Flavio Tosti

Independent Analyst

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.