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   “¢   The precious metal stalled its overnight sharp retracement slide from 1-1/2 week tops and managed to find decent support/regain positive traction near 200-hour SMA.

   “¢   The mentioned region coincides with 61.8% Fibonacci retracement level of the $1280-$1313 recent up-move and should now act as a key trigger for bearish traders.

   “¢   The intraday positive momentum lifted the commodity back above the key $1300 psychological mark, with bulls now eyeing a move towards testing 23.6% Fibo. level.

   “¢   Oscillators on hourly charts have just started gaining traction and support prospects for additional gains, though remained in the bearish territory on the daily chart and warrant caution.  

   “¢   Hence, any subsequent up-move seems more likely to meet with some fresh supply and remain capped near the $1310 region – a support break-point now turned resistance.  

Gold 1-hourly chart


       Today Last Price:  1303.6
       Today Daily change %:  0.56%
       Today Daily Open:  1296.3
       Daily SMA20:  1310.94
       Daily SMA50:  1303.7
       Daily SMA100:  1270.59
       Daily SMA200:  1238.85
       Previous Daily High:  1313.3
       Previous Daily Low:  1293.06
       Previous Weekly High:  1300.7
       Previous Weekly Low:  1280.1
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1300.79
       Daily Fibonacci 61.8%:  1305.57
       Daily Pivot Point S1:  1288.47
       Daily Pivot Point S2:  1280.65
       Daily Pivot Point S3:  1268.24
       Daily Pivot Point R1:  1308.71
       Daily Pivot Point R2:  1321.12
       Daily Pivot Point R3:  1328.94