Gold Technical Analysis: Deeper pullback likely below 55-period EMA on 4H
Gold bears may feel emboldened if the 4H 55-candle exponential moving average (EMA), currently at $1,280, is breached.
4-hour chart
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- As seen above, the 55-candle EMA has acted as strong support twice in the last six days. Therefore, it is the level to beat for the bears.
- More importantly, the yellow metal has carved out a lower price high, validating Friday's bearish outside reversal candle. Put simply, the bull grip has weakened in the last few days. As a result, a break below the 55-period EMA could yield a deeper pullback, possibly to $1,260.
- A violation of the falling trendline seen in the above chart would shift risk in favor of a re-test of $1,300.
Trend: bearish below 4H 55-candle EMA
XAU/USD
Overview:
Today Last Price: 1285.96
Today Daily change: 56 pips
Today Daily change %: 0.0436%
Today Daily Open: 1285.4
Trends:
Previous Daily SMA20: 1267.22
Previous Daily SMA50: 1241.05
Previous Daily SMA100: 1225.77
Previous Daily SMA200: 1229.13
Levels:
Previous Daily High: 1290.2
Previous Daily Low: 1279.35
Previous Weekly High: 1298.42
Previous Weekly Low: 1276.82
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Previous Daily Fibonacci 38.2%: 1283.49
Previous Daily Fibonacci 61.8%: 1286.06
Previous Daily Pivot Point S1: 1279.77
Previous Daily Pivot Point S2: 1274.13
Previous Daily Pivot Point S3: 1268.92
Previous Daily Pivot Point R1: 1290.62
Previous Daily Pivot Point R2: 1295.83
Previous Daily Pivot Point R3: 1301.47