“¢ The precious metal extended its intraday rejection slide from the $1300 neighbourhood and tumbled to fresh multi-week lows during the early European session on Monday.
“¢ Friday’s sustained bearish break below 50-day SMA – for the first time since Nov. 2018, was seen as a key trigger behind a follow-through selling for the fourth straight session.
“¢ The commodity has now dropped to 38.2% Fibo. level of the $1200-$1346 recent upsurge, also coinciding with a congestion zone held during the early part of January.
“¢ Meanwhile, oscillators on the daily chart have just started gaining negative momentum and are still far from oversold territory, clearly pointing to an extension of the bearish trajectory.
“¢ However, technical indicators on hourly charts are already pointing to highly oversold conditions and warrant some consolidation before any further near-term depreciating move.
Gold daily chart
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XAU/USD
Overview:
Today Last Price: 1287.46
Today Daily change %: -0.22%
Today Daily Open: 1290.34
Trends:
Daily SMA20: 1318.29
Daily SMA50: 1300.8
Daily SMA100: 1264.79
Daily SMA200: 1236.14
Levels:
Previous Daily High: 1315.26
Previous Daily Low: 1290.3
Previous Weekly High: 1332.58
Previous Weekly Low: 1290.3
Previous Monthly High: 1346.85
Previous Monthly Low: 1300.1
Daily Fibonacci 38.2%: 1299.83
Daily Fibonacci 61.8%: 1305.72
Daily Pivot Point S1: 1282.01
Daily Pivot Point S2: 1273.68
Daily Pivot Point S3: 1257.06
Daily Pivot Point R1: 1306.97
Daily Pivot Point R2: 1323.59
Daily Pivot Point R3: 1331.92
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