Gold Technical Analysis: Finds some support near 50% Fibo. level of the recent positive move

   •  The precious metal stalled its recent positive momentum near 200-period SMA on the 4-hourly chart and came under some renewed selling pressure on Thursday.

   •  The intraday slide dragged the commodity below the key $1300 psychological mark and tested 50% Fibonacci retracement level of the $1280-$1311 latest up-move.

   •  Slightly oversold conditions on the 1-hourly chart turned out to be the only factor that helped limit further downside and find some support near the mentioned Fibo. level. 

   •  Meanwhile, oscillators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting further near-term weakness.

   •  A follow-through weakness below the said support will reinforce the bearish outlook and accelerate the weakening trend further towards testing the $1290 horizontal support.

Gold 4-hourly chart

XAU/USD

Overview:    Today Last Price: 1298.3    Today Daily change %: -0.83%    Today Daily Open: 1309.12Trends:    Daily SMA20: 1311.75    Daily SMA50: 1303.67    Daily SMA100: 1269.86    Daily SMA200: 1238.53Levels:    Previous Daily High: 1312.8    Previous Daily Low: 1300.65    Previous Weekly High: 1300.7    Previous Weekly Low: 1280.1    Previous Monthly High: 1346.85    Previous Monthly Low: 1300.1    Daily Fibonacci 38.2%: 1308.16    Daily Fibonacci 61.8%: 1305.29    Daily Pivot Point S1: 1302.25    Daily Pivot Point S2: 1295.37    Daily Pivot Point S3: 1290.1    Daily Pivot Point R1: 1314.4    Daily Pivot Point R2: 1319.67    Daily Pivot Point R3: 1326.55

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