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Gold Technical Analysis: Bulls gearing up for a move beyond Thursday’s near 5-month tops

   “¢   The commodity has been steadily climbing alongside an ascending trend-channel formation on intraday charts and is currently placed at the middle of its daily trading range.  

Gold 15-mins chart

   “¢   On the 1-hourly chart, the downside remains supported by a short-term ascending trend-line and the metal has managed to hold comfortably above intraday moving averages.

   “¢   Technical indicators on hourly/daily chart maintained their near-term bullish bias and support prospects for a move beyond near five-month tops set in the previous session.

   “¢   Only a convincing breakthrough the ascending trend-line support, leading to a subsequent weakness below 100-hour SMA might negate the near-term constructive outlook.

Hourly chart

XAU/USD

Overview:
       Today Last Price:  1240.16
       Today Daily change:  2.0e+2  pips
       Today Daily change %:  0.160%
       Today Daily Open:  1238.18
Trends:
       Previous Daily SMA20:  1221.84
       Previous Daily SMA50:  1223.52
       Previous Daily SMA100:  1210.9
       Previous Daily SMA200:  1232.92
Levels:
       Previous Daily High:  1244.35
       Previous Daily Low:  1232.8
       Previous Weekly High:  1231.8
       Previous Weekly Low:  1211.2
       Previous Monthly High:  1237.4
       Previous Monthly Low:  1196.4
       Previous Daily Fibonacci 38.2%:  1239.94
       Previous Daily Fibonacci 61.8%:  1237.21
       Previous Daily Pivot Point S1:  1232.54
       Previous Daily Pivot Point S2:  1226.89
       Previous Daily Pivot Point S3:  1220.99
       Previous Daily Pivot Point R1:  1244.09
       Previous Daily Pivot Point R2:  1249.99
       Previous Daily Pivot Point R3:  1255.64

 

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