“¢ The precious metal reversed an early dip to its immediate confluence support – comprising of 50-hour EMA and ascending trend-line support held since the beginning of this week.
“¢ Technical indicators on hourly charts maintain their bullish bias and have already eased from overbought territory, supporting prospects for additional intraday gains.
“¢ However, oscillators on the daily chart still point to slightly overbought conditions and might turn out to be the only factor holding traders from placing any aggressive bullish bets.
“¢ The set-up now seems to suggest some near-term consolidative price action ahead of today’s important release of the keenly watched US monthly jobs report, popularly known as NFP.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1321.87
Today Daily change %: 0.15%
Today Daily Open: 1319.9
Trends:
Daily SMA20: 1292.62
Daily SMA50: 1266.88
Daily SMA100: 1242.19
Daily SMA200: 1229.56
Levels:
Previous Daily High: 1326.25
Previous Daily Low: 1315.8
Previous Weekly High: 1300.28
Previous Weekly Low: 1275.9
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1322.26
Daily Fibonacci 61.8%: 1319.79
Daily Pivot Point S1: 1315.05
Daily Pivot Point S2: 1310.2
Daily Pivot Point S3: 1304.6
Daily Pivot Point R1: 1325.5
Daily Pivot Point R2: 1331.1
Daily Pivot Point R3: 1335.95
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