Gold Technical Analysis: Faces rejection near support turned resistance, slides to daily lows
• Gold met with some aggressive selling in the last hour and has now eroded a major part of the previous session's goodish bounce from closer to over two-week lows.
• The intraday uptick failed to sustain above 100-hour SMA and quickly ran out of steam near an important horizontal support break-point now turned resistance.
• Given that oscillators on hourly charts have been gaining negative traction, a subsequent fall below 50-hour SMA paves the way for further intraday decline.
• Bearish traders might now be aiming for a test of $1276 intermediate support before the precious metal extends the bearish slide further towards the $1270-68 region.
XAU/USD
Overview: Today Last Price: 1281.2 Today Daily change %: -0.26% Today Daily Open: 1284.5Trends: Daily SMA20: 1284.95 Daily SMA50: 1255.59 Daily SMA100: 1234.62 Daily SMA200: 1228.59Levels: Previous Daily High: 1285.65 Previous Daily Low: 1277.5 Previous Weekly High: 1295.9 Previous Weekly Low: 1276.2 Previous Monthly High: 1284.7 Previous Monthly Low: 1221.39 Daily Fibonacci 38.2%: 1282.54 Daily Fibonacci 61.8%: 1280.61 Daily Pivot Point S1: 1279.45 Daily Pivot Point S2: 1274.4 Daily Pivot Point S3: 1271.3 Daily Pivot Point R1: 1287.6 Daily Pivot Point R2: 1290.7 Daily Pivot Point R3: 1295.75
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