“¢ 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
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XAU/USD
Overview:
Today Last Price: 1303.6
Today Daily change %: 0.56%
Today Daily Open: 1296.3
Trends:
Daily SMA20: 1310.94
Daily SMA50: 1303.7
Daily SMA100: 1270.59
Daily SMA200: 1238.85
Levels:
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
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