Gold Technical Analysis: Bulls await a convincing breakthrough $1216-17 strong barrier
|• The precious metal traded with a mild positive bias for the fourth consecutive session on Friday, albeit seemed struggling to build on its positive move beyond the $1216-17 strong resistance.
• The mentioned hurdle, representing 50% Fibonacci retracement level of $1237-$1196 recent downfall and nearing 200-hour SMA, has been capping the up-move over the past three trading session.
• Meanwhile, technical indicators on the daily chart are yet to catch up with the recent up-move, albeit remained supportive for a follow-through positive momentum on the hourly chart.
• Hence, it would be prudent to wait for a convincing breakthrough the mentioned $1216-17 barrier before traders start positioning for any subsequent appreciating move in the near-term.
• Alternatively, a rejection slide from the current resistance zone is likely to prompt some fresh weakness back towards 100-hour SMA/23.6% Fibonacci retracement level confluence support.
Gold 1-hourly chart
XAU/USD
Overview:
Last Price: 1215.62
Daily change: 2.5e+2 pips
Daily change: 0.205%
Daily Open: 1213.13
Trends:
Daily SMA20: 1221.29
Daily SMA50: 1213.93
Daily SMA100: 1206.53
Daily SMA200: 1240.11
Levels:
Daily High: 1216.47
Daily Low: 1207
Weekly High: 1236.6
Weekly Low: 1206.3
Monthly High: 1243.43
Monthly Low: 1182.54
Daily Fibonacci 38.2%: 1212.85
Daily Fibonacci 61.8%: 1210.62
Daily Pivot Point S1: 1207.93
Daily Pivot Point S2: 1202.73
Daily Pivot Point S3: 1198.46
Daily Pivot Point R1: 1217.4
Daily Pivot Point R2: 1221.67
Daily Pivot Point R3: 1226.87
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