Home Gold Technical Analysis: Short-term trend-line favor further upside to 50% Fibonacci around $1311.50, $1316
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Gold Technical Analysis: Short-term trend-line favor further upside to 50% Fibonacci around $1311.50, $1316

  • Gold trades near $1308 while heading towards European session on Tuesday.
  • The Bullion recently bounced off an immediate ascending support-line stretched since March 07, indicating further upside to 50% Fibonacci retracement of its January 24 – February 20 advances, around $1311.50.
  • Though, a horizontal-region comprising multiple highs marked during early February may limit the quote’s additional rise at $1316.
  • In a case prices rally past-$1316, $1321 and $1330 could entertain buyers ahead of shifting market attention to $1333 horizontal-line.
  • On the flipside, the aforementioned trend-line at $1299 seems immediately important as a break of which can fetch the yellow metal to $1291-90 support area.
  • Given the bears’ command over momentum under $1290, January month low near $1276.80 might appear in the spotlight.

Gold 4-Hour chart

XAU/USD

Overview:
       Today Last Price:  1307.72
       Today Daily change:  4.04  pips
       Today Daily change %:  0.31%
       Today Daily Open:  1303.68
Trends:
       Daily SMA20:  1308.34
       Daily SMA50:  1304.34
       Daily SMA100:  1272.17
       Daily SMA200:  1239.6
Levels:
       Previous Daily High:  1306.7
       Previous Daily Low:  1298.3
       Previous Weekly High:  1313.3
       Previous Weekly Low:  1290.6
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1303.49
       Daily Fibonacci 61.8%:  1301.51
       Daily Pivot Point S1:  1299.09
       Daily Pivot Point S2:  1294.49
       Daily Pivot Point S3:  1290.68
       Daily Pivot Point R1:  1307.49
       Daily Pivot Point R2:  1311.3
       Daily Pivot Point R3:  1315.9

 

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