Gold Technical Analysis: Break below key technical levels opens room for a retest of $1300 mark
• The precious metal extended this week's retracement slide from near one-month tops and remained under some selling pressure for the third consecutive session on Thursday.
• The downward trajectory dragged the commodity below 200-hour SMA and towards confirming a near-term bearish break below a three-week-old ascending trend-channel formation.
• Technical indicators have been losing traction on the daily chart and also gaining negative momentum on hourly charts, suggesting increasing near-term selling pressure.
• The set-up has now turned in favour of bearish traders and hence, a follow-through weakness, back towards challenging the $1300 mark, now looks a distinct possibility.
Gold 1-hourly chart
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XAU/USD
| Today last price | 1308.47 |
| Today Daily Change | -1.25 |
| Today Daily Change % | -0.10 |
| Today daily open | 1309.72 |
| Daily SMA20 | 1302.37 |
| Daily SMA50 | 1307.57 |
| Daily SMA100 | 1278.47 |
| Daily SMA200 | 1242.7 |
| Previous Daily High | 1319.36 |
| Previous Daily Low | 1308.35 |
| Previous Weekly High | 1320.36 |
| Previous Weekly Low | 1298.3 |
| Previous Monthly High | 1346.85 |
| Previous Monthly Low | 1300.1 |
| Daily Fibonacci 38.2% | 1312.56 |
| Daily Fibonacci 61.8% | 1315.15 |
| Daily Pivot Point S1 | 1305.59 |
| Daily Pivot Point S2 | 1301.47 |
| Daily Pivot Point S3 | 1294.58 |
| Daily Pivot Point R1 | 1316.6 |
| Daily Pivot Point R2 | 1323.49 |
| Daily Pivot Point R3 | 1327.61 |
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