Search ForexCrunch

   “¢   The precious metal remained under some heavy selling pressure for the third consecutive session on Friday and dropped to challenge one-month-old trend-line support.

   “¢   Sustained weakness below 200-period SMA on the 4-hourly chart – for the first time since Nov. 30, was seen as a key trigger for bearish traders and prompted some technical selling.

   “¢   Moreover, oscillators on the daily chart have just started gaining negative momentum and support prospects for an extension of the ongoing slide from 10-month tops set on Feb. 20.

   “¢   Meanwhile, indicators on hourly charts have started drifting into the oversold territory and turned out to be the only factor that helped limit deeper losses, at least for the time being.

   “¢   Traders, however, are likely to wait for a convincing break through the mentioned support before positioning for any further slide towards testing the key $1300 psychological mark.

Gold 4-hourly chart


       Today Last Price:  1308.86
       Today Daily change %:  -0.32%
       Today Daily Open:  1313.1
       Daily SMA20:  1319.67
       Daily SMA50:  1300.1
       Daily SMA100:  1264.15
       Daily SMA200:  1235.92
       Previous Daily High:  1327.1
       Previous Daily Low:  1312.9
       Previous Weekly High:  1346.85
       Previous Weekly Low:  1320.72
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1318.32
       Daily Fibonacci 61.8%:  1321.68
       Daily Pivot Point S1:  1308.3
       Daily Pivot Point S2:  1303.5
       Daily Pivot Point S3:  1294.1
       Daily Pivot Point R1:  1322.5
       Daily Pivot Point R2:  1331.9
       Daily Pivot Point R3:  1336.7