Gold Technical Analysis: Touch 1264/1260 Level

GOLD Breakout 1270 level now touch 4 month low support zone. gold breakout daily 200 ma 1274 level and GOLD touch another support zone weekly 200 ma and 100 ma 1265 level break this then touch 1260 level .
*** So GOLD buy position is 1258/1250 Area this the best opportunity for buy GOLD target 1274 / 1284 level .
News:
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1. Wednesday’s not so dovish FOMC statement continues to weigh on the commodity.
2. US-China trade optimism dents safe-haven demand and adds to the bearish pressure.
3. A subdued USD price action does little to lend any support or stall the ongoing slide.
4. Falls to over 1-week lows, further slide to $1260 area now looks a distinct possibility
5. Meanwhile, the overnight slide confirmed a bearish break through an important $1278 horizontal support and hence, the ongoing downfall could further be attributed to some fresh technical selling.

Technical View:
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Pivot (invalidation): 1278.00

Our preference:
Short positions below 1265.00 with targets at 1260.00 & 1250.00 in extension.
Alternative scenario:
Above 1278.00 look for further upside with 1280.00 & 1284.00 as targets

Daily SMA100 1293.27
Daily SMA200 1252.88
Previous Weekly High 1288.75
Previous Weekly Low 1265.6
Previous Monthly High 1310.7
Previous Monthly Low 1265.6
Daily Fibonacci 38.2% 1278.73
Daily Fibonacci 61.8% 1281.96
Daily Pivot Point S1 1270.6
Daily Pivot Point S2 1265.21
Daily Pivot Point S3 1256.91

Comment:

**Earning is expected more than ever, it does not look good either way. Very rarely, Arnig and NFP two come together better.
**Erning is a good hope because NFP will drop earlier than expected. If the Fed rate is in incremental mode, then the Arnie Impertant becomes more than NFP. But the Fed is not in the rate raising mode. So NFP will respond to the market.
**In this case, the dollar index quarantine resistance is more than the number of people to dropping again.

Comment:

Gold has the most critical position. The NFP will be a little slip with the hugge. After breaking the Critical Support, the Huges will drop for technical reasons. Gold has full Dangerous zone.