Gold Technical Analysis: bears remain in control, fresh YTD lows and counting
• Reviving USD demand prompts some aggressive selling and drags the commodity below last Thursday's swing low level of $1261.38, to fresh YTD lows.
• Formation of a death-cross on the daily chart and a decisive break below a medium-term ascending trend-line suggests a continuation of the bearish trajectory.
• Near-term oversold conditions do little to lend any support, albeit might turn out to be the only factor that could help limit sharp downside.
Gold daily chart
Current Price: $1258
Daily High: $1268
Trend: Bearish
Resistance
R1: $1261 (previous YTD low set last week)
R2: $1268 (current day swing high)
R3: $1273 (38.2% Fibo. level of the $1123-$1366 up-move)
Support
S1: $1252 (Horizontal level)
S2: $1244 (50% Fibo. level)
S3: $1236 (Dec. 2017 swing low)