• Bears challenge a 5-week old ascending trend-line amid risk-on mood.
  • A sustained break below $1500 mark needed for bearish confirmation.

Gold edged lower on the first day of a new trading week, with bears still awaiting a sustained break through the key $1500 psychological mark amid fading safe-haven demand. Renewed optimism over the resumption of the US-China trade negotiations remained supportive of improving global risk sentiment and weighed on traditional safe-haven assets.


This coupled with Friday’s upbeat comments by the Fed Chair Jerome Powell underpinned the USD demand and exerted some additional pressure on the dollar-denominated commodity. Repeated failures to find acceptance above the $1550 region and a subsequent break below 100-hour SMA pivotal point might have already shifted the near-term bias in favour of bearish traders.


A follow-through selling below a near five-week-old ascending trend-line will confirm a bearish breakdown and support prospects for an extension of the recent pullback from multi-year tops. Meanwhile, technical indicators on hourly/daily charts have been gaining bearish traction and add credence to the negative outlook, setting the stage for a further near-term depreciating move.


Below the mentioned $1500 handle, the downward trajectory could accelerate towards an intermediate support near the $1486-85 region en-route August 13 swing lows support near the $1477 area. The latter nears 50% Fibo. level of the $1400-$1557 recent upsurge and should help limit the downside ahead of the key event risk – the upcoming FOMC monetary policy meeting on September 17-18.


On the flip side, any meaningful recovery attempted might now confront some aggressive supply and remain capped near 23.6% Fibo. level resistance near the $1520 region.

Gold 1-hourly chart



Today last price 1506.9
Today Daily Change 0.30
Today Daily Change % 0.02
Today daily open 1506.6
Daily SMA20 1520.45
Daily SMA50 1465.85
Daily SMA100 1390.12
Daily SMA200 1340.06
Previous Daily High 1527.83
Previous Daily Low 1502.95
Previous Weekly High 1557.03
Previous Weekly Low 1502.95
Previous Monthly High 1554.63
Previous Monthly Low 1400.9
Daily Fibonacci 38.2% 1512.45
Daily Fibonacci 61.8% 1518.33
Daily Pivot Point S1 1497.09
Daily Pivot Point S2 1487.58
Daily Pivot Point S3 1472.21
Daily Pivot Point R1 1521.97
Daily Pivot Point R2 1537.34
Daily Pivot Point R3 1546.85



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