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Gold Technical Analysis

Gold_Tech_Analysis_Forex_FXPIG

  •  The precious metal remained under some heavy selling pressure for the third consecutive session on Friday and dropped to challenge one-month-old trend-line support.

  •  Sustained weakness below 200-period SMA on the 4-hourly chart - for the first time since Nov. 30, was seen as a key trigger for bearish traders and prompted some technical selling.

  •  Moreover, oscillators on the daily chart have just started gaining negative momentum and support prospects for an extension of the ongoing slide from 10-month tops set on Feb. 20.

  •  Meanwhile, indicators on hourly charts have started drifting into the oversold territory and turned out to be the only factor that helped limit deeper losses, at least for the time being.

  •  Traders, however, are likely to wait for a convincing break through the mentioned support before positioning for any further slide towards testing the key $1300 psychological mark.

XAU/USD

Overview:
   Today Last Price: 1308.86
   Today Daily change %: -0.32%
   Today Daily Open: 1313.1
Trends:
   Daily SMA20: 1319.67
   Daily SMA50: 1300.1
   Daily SMA100: 1264.15
   Daily SMA200: 1235.92
Levels:
   Previous Daily High: 1327.1
   Previous Daily Low: 1312.9
   Previous Weekly High: 1346.85
   Previous Weekly Low: 1320.72
   Previous Monthly High: 1346.85
   Previous Monthly Low: 1300.1
   Daily Fibonacci 38.2%: 1318.32
   Daily Fibonacci 61.8%: 1321.68
   Daily Pivot Point S1: 1308.3
   Daily Pivot Point S2: 1303.5
   Daily Pivot Point S3: 1294.1
   Daily Pivot Point R1: 1322.5
   Daily Pivot Point R2: 1331.9
   Daily Pivot Point R3: 1336.7

Source: fxstreet

  •  The precious metal remained under some heavy selling pressure for the third consecutive session on Friday and dropped to challenge one-month-old trend-line support.

  •  Sustained weakness below 200-period SMA on the 4-hourly chart - for the first time since Nov. 30, was seen as a key trigger for bearish traders and prompted some technical selling.

  •  Moreover, oscillators on the daily chart have just started gaining negative momentum and support prospects for an extension of the ongoing slide from 10-month tops set on Feb. 20.

  •  Meanwhile, indicators on hourly charts have started drifting into the oversold territory and turned out to be the only factor that helped limit deeper losses, at least for the time being.

  •  Traders, however, are likely to wait for a convincing break through the mentioned support before positioning for any further slide towards testing the key $1300 psychological mark.

XAU/USD

Overview:
   Today Last Price: 1308.86
   Today Daily change %: -0.32%
   Today Daily Open: 1313.1
Trends:
   Daily SMA20: 1319.67
   Daily SMA50: 1300.1
   Daily SMA100: 1264.15
   Daily SMA200: 1235.92
Levels:
   Previous Daily High: 1327.1
   Previous Daily Low: 1312.9
   Previous Weekly High: 1346.85
   Previous Weekly Low: 1320.72
   Previous Monthly High: 1346.85
   Previous Monthly Low: 1300.1
   Daily Fibonacci 38.2%: 1318.32
   Daily Fibonacci 61.8%: 1321.68
   Daily Pivot Point S1: 1308.3
   Daily Pivot Point S2: 1303.5
   Daily Pivot Point S3: 1294.1
   Daily Pivot Point R1: 1322.5
   Daily Pivot Point R2: 1331.9
   Daily Pivot Point R3: 1336.7

Source: fxstreet

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