Gold Technical Analysis: Faces rejection near support turned resistance, slides to daily lows
• Gold met with some aggressive selling in the last hour and has now eroded a major part of the previous session's goodish bounce from closer to over two-week lows.
• The intraday uptick failed to sustain above 100-hour SMA and quickly ran out of steam near an important horizontal support break-point now turned resistance.
• Given that oscillators on hourly charts have been gaining negative traction, a subsequent fall below 50-hour SMA paves the way for further intraday decline.
• Bearish traders might now be aiming for a test of $1276 intermediate support before the precious metal extends the bearish slide further towards the $1270-68 region.
Gold 1-hourly chart
XAU/USD
Overview:
Today Last Price: 1281.2
Today Daily change: -3.30 pips
Today Daily change %: -0.26%
Today Daily Open: 1284.5
Trends:
Daily SMA20: 1284.95
Daily SMA50: 1255.59
Daily SMA100: 1234.62
Daily SMA200: 1228.59
Levels:
Previous Daily High: 1285.65
Previous Daily Low: 1277.5
Previous Weekly High: 1295.9
Previous Weekly Low: 1276.2
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Daily Fibonacci 38.2%: 1282.54
Daily Fibonacci 61.8%: 1280.61
Daily Pivot Point S1: 1279.45
Daily Pivot Point S2: 1274.4
Daily Pivot Point S3: 1271.3
Daily Pivot Point R1: 1287.6
Daily Pivot Point R2: 1290.7
Daily Pivot Point R3: 1295.75