Gold technical analysis: Yellow metal slumps to daily lows, trading sub - $1,490/oz

Gold is consolidating the recent rally of the last months while trading below the 1,500 mark.
Gold is under pressure below the 1,490 resistance and the 50-day SMA.

Flavio Tosti Independent Analyst

Gold daily chart

The yellow metal is trading in a bull trend above the 100 and 200-day simple moving averages (DSMAs). However, in the last weeks of trading, the metal has been consolidating near $1,500 per ounce and below the 50 SMA.

Gold four-hour chart

The yellow metal is trading below the main simple moving averages (SMAs) and below the 1,500 mark; all-in-all suggesting a bearish bias in the medium term. The break below $1,490 a troy once can expose the 1,475/1,460 support zone.

On the flip side, a daily close above 1,500 figure could lead to a correction towards the 1,510/1,520 resistance zone.

Additional key levels

XAU/USD

Overview
Today last price	1484.46
Today Daily Change	-6.23
Today Daily Change %	-0.42
Today daily open	1490.69

Trends
Daily SMA20	1497.78
Daily SMA50	1506.87
Daily SMA100	1454.62
Daily SMA200	1375.6

Levels
Previous Daily High	1494.15
Previous Daily Low	1485.06
Previous Weekly High	1497.95
Previous Weekly Low	1477.15
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1488.53
Daily Fibonacci 61.8%	1490.68
Daily Pivot Point S1	1485.78
Daily Pivot Point S2	1480.88
Daily Pivot Point S3	1476.69
Daily Pivot Point R1	1494.87
Daily Pivot Point R2	1499.06
Daily Pivot Point R3	1503.96

Author

Flavio Tosti

Independent Analyst

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