The gold is now trading in its sixth day of retreating, after being satisfied by reaching only $1237.35 without breaking its formed resistance at $1243.20 on last Oct. 26.
XAUUSD extended its slide to be trading now just below $1220 in its second day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $1242.
XAUUSD is still above its daily SMA50 and above its daily SMA100, but below its daily SMA200.
XAUUSD found it easier to be traded aside near this level, after forming a higher low on last Aug. 24 at 1182.82 above its formed bottom on last Aug. 16 at 1160.24.
The daily chart of XAUUSD shows that its RSI-14 is in a lower place inside its neutral area reading 49.230.
XAUUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside its neutral territory reading 28005 and leading to the downside the signal line which is higher in the same region at 44.361 showing abating upside momentum, After negative crossover inside the neutral region.
Important levels: Daily SMA50 @ $1210, Daily SMA100 @ $1216 and Daily SMA200 @ $1266
The Closest Experienced S&R:
S1: $1211.98
S2: $1182.82
S3: $1160.24
R1: $1243.40
R2: $1265.93
R3: $1272.88
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din