“¢ The precious metal regained positive traction on Tuesday and built on the overnight bounce from ascending trend-line support, extending from Jan. 25/28 through lows set on Feb. 7.
“¢ Today’s up-move marked a positive day for the third session in the previous four, with bulls now looking to extend the momentum further beyond 200-hour SMA and the $1315-16 supply zone.
“¢ Technical indicators on hourly/daily charts have managed to regain positive traction and support prospects for an extension of the intraday positive momentum amid a modest USD pull-back.
“¢ Traders, however, are likely to wait for a sustained move beyond the mentioned hurdle before placing any aggressive bullish bets for a move back towards $1326 area- nine-month tops set in Jan.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1312.3
Today Daily change %: 0.30%
Today Daily Open: 1308.36
Trends:
Daily SMA20: 1300.88
Daily SMA50: 1279.42
Daily SMA100: 1250.06
Daily SMA200: 1231.32
Levels:
Previous Daily High: 1314.88
Previous Daily Low: 1303.75
Previous Weekly High: 1322.3
Previous Weekly Low: 1300.1
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1308
Daily Fibonacci 61.8%: 1310.63
Daily Pivot Point S1: 1303.12
Daily Pivot Point S2: 1297.87
Daily Pivot Point S3: 1291.99
Daily Pivot Point R1: 1314.24
Daily Pivot Point R2: 1320.12
Daily Pivot Point R3: 1325.37
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