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Gold Technical Analysis: Big bears smash the Yellow Metal below $1,280.00/oz

Gold daily chart

  • Gold is trading in a bull trend above the 200-period simple moving average (SMA).
  • The US nonfarm payrolls (NFP) came in above the market forecast at 312K versus 177K which is potentially bullish for the US Dollar.
  • Gold rejected $1,300.00 per ounce. 

Gold 4-hour chart

  • Gold erased the gains made at the start of 2019.
  • Gold is currently testing the 50 SMA.

Gold 30-minute chart

  • Gold broke below the 50, 100 and 200 SMAs as the bears are taking control.
  • If sellers keep the momentum going then 1,270.00 and 1,265.00 are seen as potential bear targets next week.
  • On the way up, 1,285.00 will likely act as resistance.

Additional key levels 

XAU/USD

Overview:
    Today Last Price: 1277.98
    Today Daily change: -1.7e+3 pips
    Today Daily change %: -1.30%
    Today Daily Open: 1294.77
Trends:
    Previous Daily SMA20: 1261.04
    Previous Daily SMA50: 1237.48
    Previous Daily SMA100: 1223.18
    Previous Daily SMA200: 1229.23
Levels:
    Previous Daily High: 1294.77
    Previous Daily Low: 1282.44
    Previous Weekly High: 1284.7
    Previous Weekly Low: 1258.1
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1290.06
    Previous Daily Fibonacci 61.8%: 1287.15
    Previous Daily Pivot Point S1: 1286.55
    Previous Daily Pivot Point S2: 1278.33
    Previous Daily Pivot Point S3: 1274.22
    Previous Daily Pivot Point R1: 1298.88
    Previous Daily Pivot Point R2: 1302.99
    Previous Daily Pivot Point R3: 1311.21

 

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