Gold Technical Analysis: Bulls await a convincing break through 8-week old trading range
|• The precious metal rallied hard to near three-week tops in a knee-jerk reaction to softer-than-expected US CPI figures, which dampened expectations for a faster pace of Fed rate hikes.
• The positive momentum once again stalled near an eight-week-old trading range resistance amid a modest USD recovery and goodish pickup in the US equity markets.
• Meanwhile, technical indicators on hourly/daily charts have started gaining positive momentum and thus, increase prospects for a near-term bullish breakout.
• However, it would be prudent to wait for a sustained move beyond the mentioned barrier before traders start positioning for any further near-term appreciating move.
Gold daily chart
XAU/USD
Overview:
Last Price: 1209
Daily change: 1.4e+3 pips
Daily change: 1.21%
Daily Open: 1194.57
Trends:
Daily SMA20: 1196.79
Daily SMA50: 1198.28
Daily SMA100: 1210.71
Daily SMA200: 1259.49
Levels:
Daily High: 1195
Daily Low: 1185.1
Weekly High: 1208.6
Weekly Low: 1184.3
Monthly High: 1212.64
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1191.22
Daily Fibonacci 61.8%: 1188.88
Daily Pivot Point S1: 1188.11
Daily Pivot Point S2: 1181.66
Daily Pivot Point S3: 1178.21
Daily Pivot Point R1: 1198.01
Daily Pivot Point R2: 1201.46
Daily Pivot Point R3: 1207.91
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