Gold Technical Analysis: Yellow Metal bears eyeing the 1,280.00 level

Flavio Tosti Independent Analyst

Gold daily chart

Gold is trading in a bull trend above the 200-period simple moving average (SMA).

Gold 4-hour chart

Gold is trading above its main SMAs suggesting bullish momentum.
Gold is now testing the 50 SMA.

Gold 30-minute chart

Gold broke below the 200 SMA potentially opening the door to the 1,280.00 level to the downside.

Additional key levels

XAU/USD

Overview:
    Today Last Price: 1286.3
    Today Daily change: -7.3e+2 pips
    Today Daily change %: -0.563%
    Today Daily Open: 1293.58
Trends:
    Previous Daily SMA20: 1269.6
    Previous Daily SMA50: 1242.3
    Previous Daily SMA100: 1226.7
    Previous Daily SMA200: 1229.12
Levels:
    Previous Daily High: 1293.95
    Previous Daily Low: 1280.29
    Previous Weekly High: 1298.42
    Previous Weekly Low: 1276.82
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1288.73
    Previous Daily Fibonacci 61.8%: 1285.51
    Previous Daily Pivot Point S1: 1284.6
    Previous Daily Pivot Point S2: 1275.61
    Previous Daily Pivot Point S3: 1270.94
    Previous Daily Pivot Point R1: 1298.26
    Previous Daily Pivot Point R2: 1302.94
    Previous Daily Pivot Point R3: 1311.92

Author

Flavio Tosti

Independent Analyst

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.