“¢ The precious metal stalled its recent positive momentum near 200-period SMA on the 4-hourly chart and came under some renewed selling pressure on Thursday.
“¢ The intraday slide dragged the commodity below the key $1300 psychological mark and tested 50% Fibonacci retracement level of the $1280-$1311 latest up-move.
“¢ Slightly oversold conditions on the 1-hourly chart turned out to be the only factor that helped limit further downside and find some support near the mentioned Fibo. level.
“¢ Meanwhile, oscillators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting further near-term weakness.
“¢ A follow-through weakness below the said support will reinforce the bearish outlook and accelerate the weakening trend further towards testing the $1290 horizontal support.
Gold 4-hourly chart
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XAU/USD
Overview:
Today Last Price: 1298.3
Today Daily change %: -0.83%
Today Daily Open: 1309.12
Trends:
Daily SMA20: 1311.75
Daily SMA50: 1303.67
Daily SMA100: 1269.86
Daily SMA200: 1238.53
Levels:
Previous Daily High: 1312.8
Previous Daily Low: 1300.65
Previous Weekly High: 1300.7
Previous Weekly Low: 1280.1
Previous Monthly High: 1346.85
Previous Monthly Low: 1300.1
Daily Fibonacci 38.2%: 1308.16
Daily Fibonacci 61.8%: 1305.29
Daily Pivot Point S1: 1302.25
Daily Pivot Point S2: 1295.37
Daily Pivot Point S3: 1290.1
Daily Pivot Point R1: 1314.4
Daily Pivot Point R2: 1319.67
Daily Pivot Point R3: 1326.55
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