Gold Technical Analysis: Steadily climbs to session tops, upside seems limited

Gold reversed an early dip and has now turned positive for the day.
Any meaningful uptick might still be seen as a selling opportunity.

Haresh Menghani FXStreet

Gold extended the overnight rejection slide from 100-day SMA resistance and witnessed some follow-through selling during the Asian session on Friday.

The precious metal, however, managed to reverse the early dip and was last seen trading near session tops, just above the $1470 region.

Meanwhile, technical indicators on hourly charts have been gaining some positive traction and support prospect for additional intraday gains.

Looking at a slightly larger timeframe, the commodity has been trending lower along a 2-1/2-month-old descending trend-channel formation on the daily chart.

This coupled with repeated failures near the 100-DMA suggests persistent selling bias at higher levels and points to further near-term weakness.

Moreover, oscillators on the daily chart have struggled to gain any meaningful traction and warrant some caution for bullish traders.

Hence, any subsequent positive move might still be seen as an opportunity to initiate fresh bearish positions amid renewed trade optimism.

A sustained break below weekly lows, around the $1460-59 region, will reaffirm the bearish outlook and set the stage a slide towards the $1450 region.

The downfall could further get extended towards the $1445 region (November monthly swing lows) en-route the trend-channel support, near the $1435 area.

Gold daily chart

XAU/USD

Overview
Today last price	1471.8
Today Daily Change	1.94
Today Daily Change %	0.13
Today daily open	1469.86

Trends
Daily SMA20	1466.3
Daily SMA50	1480.01
Daily SMA100	1489.18
Daily SMA200	1408.61

Levels
Previous Daily High	1486.58
Previous Daily Low	1464.84
Previous Weekly High	1484.06
Previous Weekly Low	1454.05
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1473.15
Daily Fibonacci 61.8%	1478.28
Daily Pivot Point S1	1460.94
Daily Pivot Point S2	1452.03
Daily Pivot Point S3	1439.21
Daily Pivot Point R1	1482.68
Daily Pivot Point R2	1495.5
Daily Pivot Point R3	1504.41

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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