• The precious metal failed to confirm previous session's bullish breakthrough a short-term descending trend-line and came under some renewed selling pressure on Friday.
• Weakness below 100-hour SMA was seen as a key trigger for bearish traders, though now seemed to show some resilience near the $1220 horizontal zone amid risk-off mood.
• Technical indicators on the 1-hourly chart have been gaining negative momentum and started losing traction on 4-hourly/daily charts, suggesting a further intraday decline.
• However, traders are likely to wait for a sustained breakthrough 23.6% Fibo. level of the recent up-move and a subsequent fall below $1220 level before initiating aggressive bearish positions.
Gold 1-hourly chart
Today Last Price: 1224.14
Today Daily change: -2.7e+2 pips
Today Daily change %: -0.222%
Today Daily Open: 1226.86
Previous Daily SMA20: 1219.12
Previous Daily SMA50: 1217.5
Previous Daily SMA100: 1207.24
Previous Daily SMA200: 1237.34
Previous Daily High: 1229.09
Previous Daily Low: 1224.6
Previous Weekly High: 1225.4
Previous Weekly Low: 1196
Previous Monthly High: 1243.43
Previous Monthly Low: 1182.54
Previous Daily Fibonacci 38.2%: 1227.37
Previous Daily Fibonacci 61.8%: 1226.32
Previous Daily Pivot Point S1: 1224.61
Previous Daily Pivot Point S2: 1222.36
Previous Daily Pivot Point S3: 1220.12
Previous Daily Pivot Point R1: 1229.1
Previous Daily Pivot Point R2: 1231.34
Previous Daily Pivot Point R3: 1233.59