Gold technical analysis: $1290 can question latest pullback
|- 50-day SMA and 38.2% Fibo guards immediate upside.
- Buyers lurk around $1266/65 horizontal area.
Gold prices extend the previous U-turn from 50% Fibonacci retracement to $1283.85 ahead of the Europe market opens on Friday.
The bullion’s immediate upside can be questioned by 50-day simple moving average (SMA) and 38.2% Fibonacci retracement of November 2018 to February 2019 upside, around $1290.
During the precious metal’s increased upside beyond $1290, 100-day SMA and a descending trend-line from February top could challenge buyers near $1297, a break of which can recall $1307 on the chart.
On the contrary, a sustained decline under 50% Fibonacci retracement of $1271 can entertain sellers with $1266/65 ahead of pushing them towards $1258 that nears 200-day SMA.
Also, 61.8% Fibonacci retracement of $1253.80 holds the gate for the quote’s south-run to $1242.
Gold: daily chart
Trend: Sideways
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.