Gold Technical Analysis: Faces rejection near support turned resistance, slides to daily lows

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   •  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

 

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