“¢ Over the past 24-hours or so, the precious metal has been oscillating in a narrow range and consolidating the overnight bearish break through confluence support.
“¢ The mentioned region – comprising of 100-hour SMA and 23.6% Fibo. level of the $1277-$1326 recent upsurge, might now act as a key pivotal point for short-term traders.
“¢ Oscillators on the daily chart maintained their bullish bias and have also managed to regain positive traction on hourly charts, pointing to the reemergence of buying interest.
“¢ Meanwhile, the range-bound price action constituted towards the formation of a rectangular chart pattern, usually seen a continuation pattern but also marks a significant trend top.
“¢ Hence, it would be prudent to wait for a sustained move back above the support turned resistance before traders start repositioning for a fresh leg of an appreciating move.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1314.6
Today Daily change %: 0.19%
Today Daily Open: 1312.05
Trends:
Daily SMA20: 1295.42
Daily SMA50: 1270.58
Daily SMA100: 1244.57
Daily SMA200: 1230.01
Levels:
Previous Daily High: 1319.05
Previous Daily Low: 1308.8
Previous Weekly High: 1326.25
Previous Weekly Low: 1297.8
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1312.71
Daily Fibonacci 61.8%: 1315.13
Daily Pivot Point S1: 1307.55
Daily Pivot Point S2: 1303.04
Daily Pivot Point S3: 1297.29
Daily Pivot Point R1: 1317.8
Daily Pivot Point R2: 1323.55
Daily Pivot Point R3: 1328.06
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