Gold Technical Analysis: Manages to hold above 200-hour EMA/trading range support
|• The precious metal has been oscillating in a broader trading range over the past week or so, forming a rectangular chart pattern on short-term charts.
• The fact that bulls have repeatedly failed to make it through the key $1300 psychological mark points to a possible long-unwinding pressure in the near-term.
• Moreover, technical indicators on hourly charts have just started losing positive momentum and further add credence to expectations of some follow-through pull-back.
• However, the lower end of the trading range now coincides with 200-hour EMA and acting as immediate strong support since the US trading session on Tuesday.
Gold 1-hourly chart
• Hence, it would be prudent to wait for a sustained breakthrough the mentioned support before traders start positioning for any further near-term downtick.
• Alternatively, a sustained breakthrough the trading range resistance, leading to a subsequent strength beyond the said handle will negate any short-term negative outlook.
XAU/USD
Overview:
Today Last Price: 1289.7
Today Daily change: 64 pips
Today Daily change %: 0.0496%
Today Daily Open: 1289.06
Trends:
Previous Daily SMA20: 1278.53
Previous Daily SMA50: 1247.69
Previous Daily SMA100: 1230.43
Previous Daily SMA200: 1228.94
Levels:
Previous Daily High: 1294.75
Previous Daily Low: 1286.95
Previous Weekly High: 1297.15
Previous Weekly Low: 1279.35
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Previous Daily Fibonacci 38.2%: 1289.93
Previous Daily Fibonacci 61.8%: 1291.77
Previous Daily Pivot Point S1: 1285.76
Previous Daily Pivot Point S2: 1282.45
Previous Daily Pivot Point S3: 1277.96
Previous Daily Pivot Point R1: 1293.56
Previous Daily Pivot Point R2: 1298.05
Previous Daily Pivot Point R3: 1301.36
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.