“¢ On Tuesday, the precious metal faced rejection near a short-term descending trend-line, extending from over three-month tops set in October through highs touched earlier this month.
“¢ The corrective slide, however, turned out to be short-lived, with the commodity regaining positive traction on Wednesday and recovering previous session’s modest downtick.
“¢ Diverging technical indicators on hourly/daily charts haven’t been supportive of the up-move and thus, the ongoing positive momentum runs the risk of quickly fizzling out at higher levels.
“¢ The technical set-up clearly suggests that bullish traders are likely to wait for a convincing breakthrough the mentioned trend-line hurdle before positioning for any further near-term up-move.
Gold 4-hourly chart
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XAU/USD
Overview:
Last Price: 1223.95
Daily change: 2.6e+2 pips
Daily change: 0.210%
Daily Open: 1221.39
Trends:
Daily SMA20: 1219.09
Daily SMA50: 1216.14
Daily SMA100: 1206.95
Daily SMA200: 1238.12
Levels:
Daily High: 1228.74
Daily Low: 1219.6
Weekly High: 1225.4
Weekly Low: 1196
Monthly High: 1243.43
Monthly Low: 1182.54
Daily Fibonacci 38.2%: 1223.09
Daily Fibonacci 61.8%: 1225.25
Daily Pivot Point S1: 1217.75
Daily Pivot Point S2: 1214.1
Daily Pivot Point S3: 1208.61
Daily Pivot Point R1: 1226.89
Daily Pivot Point R2: 1232.38
Daily Pivot Point R3: 1236.03
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