Gold technical analysis: Eyes support at $1,456

Gold's daily chart shows a bearish Doji reversal.
The yellow metal risks falling to support at $1,456.

Omkar Godbole FXStreet Contributor

Gold prices could drop to support at $1,456, the candlestick pattern on the daily chart indicates.

On Thursday, the yellow metal closed below $1,466 – the low of the Wednesday's Doji candle – confirming a bearish reversal. Put simply, the corrective bounce from the Nov. 12 low of $1,445 has ended and the bears have regained control.

Prices, therefore, look set to test support at $1,456 (Nov. 18 low).

Supporting the bearish case is the below-50 reading on the 14-day relative strength index (RSI). The ascending trendline breakdown on the hourly chart also indicates the path of least resistance is to the downside. As noted earlier this week, the gold market sentiment is still quite bearish.

On the higher side, Wednesday's Doji candle high of $1,479 is the level to beat for the bulls.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1464.3
Today Daily Change	-0.76
Today Daily Change %	-0.05
Today daily open	1465.06

Trends
Daily SMA20	1480.83
Daily SMA50	1490.76
Daily SMA100	1481.72
Daily SMA200	1397.45

Levels
Previous Daily High	1475.7
Previous Daily Low	1462.74
Previous Weekly High	1474.6
Previous Weekly Low	1445.8
Previous Monthly High	1519.04
Previous Monthly Low	1455.5
Daily Fibonacci 38.2%	1467.69
Daily Fibonacci 61.8%	1470.75
Daily Pivot Point S1	1459.97
Daily Pivot Point S2	1454.87
Daily Pivot Point S3	1447.01
Daily Pivot Point R1	1472.93
Daily Pivot Point R2	1480.79
Daily Pivot Point R3	1485.89

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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