Gold Technical Analysis: trendline support exposed after range breakdown
Gold is currently trading largely unchanged on the day at $1,282. The yellow metal fell by $12 or 0.8 percent on Friday, confirming a downside break of the two-week long narrowing price range. An extended period of consolidation is often followed by a big move in the direction of the breakout. As a result, gold could soon drop to the support of the trendline connecting the Nov. 13 and Nov. 28 lows. At press time, that support is seen at $1,264.
Daily chart
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Trend: bearish
XAU/USD
Overview: Today Last Price: 1281.46 Today Daily change: 0.66 pips Today Daily change %: 0.05% Today Daily Open: 1280.8Trends: Daily SMA20: 1283.9 Daily SMA50: 1252.63 Daily SMA100: 1233 Daily SMA200: 1228.8Levels: Previous Daily High: 1292.56 Previous Daily Low: 1280.65 Previous Weekly High: 1295.9 Previous Weekly Low: 1276.2 Previous Monthly High: 1284.7 Previous Monthly Low: 1221.39 Daily Fibonacci 38.2%: 1285.2 Daily Fibonacci 61.8%: 1288.01 Daily Pivot Point S1: 1276.78 Daily Pivot Point S2: 1272.76 Daily Pivot Point S3: 1264.88 Daily Pivot Point R1: 1288.69 Daily Pivot Point R2: 1296.57 Daily Pivot Point R3: 1300.59
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