“¢ The precious metal struggled to build on the intraday uptick and failed ahead of 200-hour SMA, forming a bearish double-top pattern on the 1-hourly chart.
“¢ Meanwhile, technical indicators on the mentioned chart have started losing positive momentum, albeit have still managed to hold in bullish territory.
“¢ Hence, it would be prudent to wait for a follow-through weakness below 100-hour SMA before traders start positioning for any further intraday depreciating move.
“¢ However, a convincing breakthrough the $1216-17 supply zone (200-hour SMA) might negate the bearish outlook and prompt some near-term short-covering move.
Gold 1-hourly chart
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XAU/USD
Overview:
Last Price: 1208.89
Daily change: -1.8e+2 pips
Daily change: -0.145%
Daily Open: 1210.65
Trends:
Daily SMA20: 1222.3
Daily SMA50: 1213.65
Daily SMA100: 1206.53
Daily SMA200: 1240.63
Levels:
Daily High: 1216.6
Daily Low: 1197.4
Weekly High: 1236.6
Weekly Low: 1206.3
Monthly High: 1243.43
Monthly Low: 1182.54
Daily Fibonacci 38.2%: 1209.27
Daily Fibonacci 61.8%: 1204.73
Daily Pivot Point S1: 1199.83
Daily Pivot Point S2: 1189.02
Daily Pivot Point S3: 1180.63
Daily Pivot Point R1: 1219.03
Daily Pivot Point R2: 1227.42
Daily Pivot Point R3: 1238.23
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