“¢ The precious metal extended Friday’s retracement slide from near 3-1/2 month tops and remained under some selling pressure for the second consecutive session.
“¢ The corrective slide has now dragged the commodity to a short-term ascending trend-channel support, which if broken might prompt fresh long-unwinding trade.
“¢ Moreover, technical indicators on hourly charts have been drifting lower in the bearish territory; though managed to hold in positive territory on the daily chart.
“¢ Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel support before positioning for any further near-term corrective slide.
Gold 4-hourly chart
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XAU/USD
Overview:
Last Price: 1225.05
Daily change: -3.9e+2 pips
Daily change: -0.313%
Daily Open: 1228.9
Trends:
Daily SMA20: 1224.72
Daily SMA50: 1208.33
Daily SMA100: 1207.19
Daily SMA200: 1249.08
Levels:
Daily High: 1235.42
Daily Low: 1223.9
Weekly High: 1243.43
Weekly Low: 1219.9
Monthly High: 1212.64
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1228.3
Daily Fibonacci 61.8%: 1231.02
Daily Pivot Point S1: 1223.39
Daily Pivot Point S2: 1217.89
Daily Pivot Point S3: 1211.87
Daily Pivot Point R1: 1234.91
Daily Pivot Point R2: 1240.93
Daily Pivot Point R3: 1246.43
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