FX.co ★ Venom-Back | XAU/USD, GOLD

Technical analysis Gold in 4H TimeFrame: At the moment, gold is slightly above the opening of the day at 4134.32 and trades at the level of the key resistance by the H4 timeframe at Pivot 4134.32. Indicators: the price is below the 50 exponential moving average line, judging by the trend line, which usually indicates a tendency of volume unloading. But on the brighter side, if it can somehow clear the 4134.32 level, then it can even move on toward 4150.00 and 4160.00. These represent key resistance zones that gold has failed to hold and maintain above over the past several weeks. Staying below the level of 4140.00, it can also decline further toward 4134.32 and probably test 4134.32, making those key, important support levels to watch. Of particular concern would be a move below 4134.32, as this could open the floodgates to a more serious correction.

Right now, gold is under the monthly Pivot at 4160.00 but above the weekly pivot at 4184.00, and approximately it is close to the daily Pivot at 4134.32. This configuration clearly shows the role of level 4126.00 in light of a very short-term pivot point. They are showing an existing bear trend in the market. We target the support at 4134.32 if the market passes over the level of the daily Pivot at the point 4134.32; otherwise, we target correction for the pair. A key operation of the pass around 4134.32 in the sessions to come is likely to provide the key to the direction of the next move in gold. Yesterdays economic news affected the gold price.