“¢ 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