Gold Technical Analysis: Bears await a convincing breakthrough descending triangle support
• The precious metal extended overnight rejection slide from one-week-old descending trend-line resistance and dropped to test an important horizontal support near $1220 level.
• A follow-through selling below the mentioned support will mark a near-term bearish breakthrough a descending triangular formation on the 1-hourly chart and add to the selling pressure.
• Technical indicators on hourly charts have started gaining negative momentum, and have also started losing traction on the daily chart, and thus, support prospects for an eventual breakdown.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1220.87
Today Daily change: -1.3e+2 pips
Today Daily change %: -0.107%
Today Daily Open: 1222.18
Trends:
Previous Daily SMA20: 1218.96
Previous Daily SMA50: 1218.56
Previous Daily SMA100: 1207.46
Previous Daily SMA200: 1236.43
Levels:
Previous Daily High: 1228.04
Previous Daily Low: 1221.4
Previous Weekly High: 1230.3
Previous Weekly Low: 1217.7
Previous Monthly High: 1243.43
Previous Monthly Low: 1182.54
Previous Daily Fibonacci 38.2%: 1223.93
Previous Daily Fibonacci 61.8%: 1225.5
Previous Daily Pivot Point S1: 1219.71
Previous Daily Pivot Point S2: 1217.24
Previous Daily Pivot Point S3: 1213.07
Previous Daily Pivot Point R1: 1226.34
Previous Daily Pivot Point R2: 1230.51
Previous Daily Pivot Point R3: 1232.98