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Gold Technical Analysis: 4H RSI favors pullback amid risk-on in equities

  • Gold is flat-lined around $1,245 at press time as Trump's comments on Huawei case and trade tensions with China seems to have boosted risk appetite.
  • The double top breakdown on 4-hour chart relative strength index (RSI) indicates that the metal could drop to ascending 10-day moving average (MA), currently at $1,236.
  • The bullish outlook, however, would be invalidated only if the metal closes below the former resistance-turned-support of $1,238 (38.2% Fib R of April high/August low).

4-Hour Chart

Trend: Bearish

XAU/USD

Overview:
    Today Last Price: 1245.28
    Today Daily change: 2.4e+2 pips
    Today Daily change %: 0.191%
    Today Daily Open: 1242.9
Trends:
    Previous Daily SMA20: 1227.98
    Previous Daily SMA50: 1225.04
    Previous Daily SMA100: 1212.49
    Previous Daily SMA200: 1231.99
Levels:
    Previous Daily High: 1249.51
    Previous Daily Low: 1241.1
    Previous Weekly High: 1250.1
    Previous Weekly Low: 1221.39
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1244.31
    Previous Daily Fibonacci 61.8%: 1246.29
    Previous Daily Pivot Point S1: 1239.5
    Previous Daily Pivot Point S2: 1236.1
    Previous Daily Pivot Point S3: 1231.09
    Previous Daily Pivot Point R1: 1247.9
    Previous Daily Pivot Point R2: 1252.91
    Previous Daily Pivot Point R3: 1256.31

 

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