“¢ The precious metal finally broke down of its multi-day consolidative trading range and dropped to 2-1/2 week lows, closer to the key $1300 psychological mark in the last hour.
“¢ The fact that the commodity remains well below important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for an extension of the near-term downfall.
“¢ Moreover, oscillators on hourly charts have been gaining negative traction and weakness below the $1305-04 region might now be seen as a key trigger for intraday bearish traders.
“¢ However, technical indicators on the daily chart have managed to hold in the bullish territory and warrant some caution before placing any aggressive near-term directional bets.
“¢ Hence, traders are likely to wait for a sustained break below the mentioned handle before confirming that the commodity might have actually topped out and positioning for further decline.
Gold 1-hourly chart
XAU/USD
Overview:
Today Last Price: 1304.4
Today Daily change %: -0.11%
Today Daily Open: 1305.82
Trends:
Daily SMA20: 1302.62
Daily SMA50: 1282.25
Daily SMA100: 1252.45
Daily SMA200: 1231.87
Levels:
Previous Daily High: 1318.2
Previous Daily Low: 1305.2
Previous Weekly High: 1322.3
Previous Weekly Low: 1300.1
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1310.17
Daily Fibonacci 61.8%: 1313.23
Daily Pivot Point S1: 1301.28
Daily Pivot Point S2: 1296.74
Daily Pivot Point S3: 1288.28
Daily Pivot Point R1: 1314.28
Daily Pivot Point R2: 1322.74
Daily Pivot Point R3: 1327.28