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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

  • 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

 

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