“¢ The precious metal extended previous session’s bearish breakthrough near one week old ascending trend-line support and kept losing ground at the start of a new trading week.
“¢ A subsequent fall below 100-hour SMA, coinciding with 23.6% Fibo. level of the $1277-$1326 recent upsurge was seen as a key trigger behind today’s follow-through weakness.
“¢ Technical indicators on the 4-hourly chart have just started gaining negative momentum but are already pointing to slightly oversold conditions on the 1-hourly chart.
“¢ Moreover, bullish oscillators on the daily chart further warrant caution before initiating any fresh bearish positions amid absent relevant market moving economic releases.
“¢ Hence, it would be prudent to wait for a sustained break below the key $1300 psychological mark in order to confirm that the commodity might have already topped out in the near-term.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1310.47
Today Daily change %: -0.56%
Today Daily Open: 1317.9
Trends:
Daily SMA20: 1294.26
Daily SMA50: 1268.78
Daily SMA100: 1243.48
Daily SMA200: 1229.8
Levels:
Previous Daily High: 1323.54
Previous Daily Low: 1316.3
Previous Weekly High: 1326.25
Previous Weekly Low: 1297.8
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1319.07
Daily Fibonacci 61.8%: 1320.78
Daily Pivot Point S1: 1314.95
Daily Pivot Point S2: 1312
Daily Pivot Point S3: 1307.71
Daily Pivot Point R1: 1322.2
Daily Pivot Point R2: 1326.49
Daily Pivot Point R3: 1329.44
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