Home Gold Technical Analysis: Continues scaling multi-month tops, move towards $1320 looks a distinct possibility
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Gold Technical Analysis: Continues scaling multi-month tops, move towards $1320 looks a distinct possibility

   “¢   The precious metal built on last week’s bullish breakthrough the key $1300 psychological mark and continued scaling fresh multi-month tops through the mid-European session on Tuesday.

   “¢   The recent occurrence of a golden cross on the daily chart, wherein 50-day SMA crossed above 200-day SMA, clearly indicates and remained supportive of the ongoing bullish momentum.  

   “¢   Technical indicators on the mentioned chart maintain their positive bias and are still far from being in the overbought territory, supporting prospects for an extension of the bull market.  

   “¢   A follow-through move beyond June 2018 swing high now seems to have opened room for a further near-term appreciating move towards challenging the $1320 horizontal supply zone.

Gold daily chart

XAU/USD

Overview:
       Today Last Price:  1308.75
       Today Daily change %:  0.36%
       Today Daily Open:  1304.01
Trends:
       Daily SMA20:  1288.13
       Daily SMA50:  1261.36
       Daily SMA100:  1238.36
       Daily SMA200:  1228.85
Levels:
       Previous Daily High:  1304.45
       Previous Daily Low:  1297.8
       Previous Weekly High:  1300.28
       Previous Weekly Low:  1275.9
       Previous Monthly High:  1284.7
       Previous Monthly Low:  1221.39
       Daily Fibonacci 38.2%:  1301.91
       Daily Fibonacci 61.8%:  1300.34
       Daily Pivot Point S1:  1299.72
       Daily Pivot Point S2:  1295.44
       Daily Pivot Point S3:  1293.07
       Daily Pivot Point R1:  1306.37
       Daily Pivot Point R2:  1308.74
       Daily Pivot Point R3:  1313.02

 

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