Gold Technical Analysis: Risk-off mood helped limit deeper losses, only for the time being

   •  The precious metal failed to confirm previous session's bullish breakthrough a short-term descending trend-line and came under some renewed selling pressure on Friday.

   •  Weakness below 100-hour SMA was seen as a key trigger for bearish traders, though now seemed to show some resilience near the $1220 horizontal zone amid risk-off mood.

   •  Technical indicators on the 1-hourly chart have been gaining negative momentum and started losing traction on 4-hourly/daily charts, suggesting a further intraday decline.

   •  However, traders are likely to wait for a sustained breakthrough 23.6% Fibo. level of the recent up-move and a subsequent fall below $1220 level before initiating aggressive bearish positions.

Gold 1-hourly chart

XAU/USD

Overview:    Today Last Price: 1224.14    Today Daily change: -2.7e+2 pips    Today Daily change %: -0.222%    Today Daily Open: 1226.86Trends:    Previous Daily SMA20: 1219.12    Previous Daily SMA50: 1217.5    Previous Daily SMA100: 1207.24    Previous Daily SMA200: 1237.34Levels:    Previous Daily High: 1229.09    Previous Daily Low: 1224.6    Previous Weekly High: 1225.4    Previous Weekly Low: 1196    Previous Monthly High: 1243.43    Previous Monthly Low: 1182.54    Previous Daily Fibonacci 38.2%: 1227.37    Previous Daily Fibonacci 61.8%: 1226.32    Previous Daily Pivot Point S1: 1224.61    Previous Daily Pivot Point S2: 1222.36    Previous Daily Pivot Point S3: 1220.12    Previous Daily Pivot Point R1: 1229.1    Previous Daily Pivot Point R2: 1231.34    Previous Daily Pivot Point R3: 1233.59

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