Gold Technical Analysis: Poised to extend the ongoing positive momentum to 6-1/2 month tops
|• The precious metal built on this month's goodish up-move of around 5.0% and is currently placed at fresh 6-1/2 month tops, around the $1284 region.
• A sustained move beyond 200-DMA, for the first time since mid-May 2018, was seen as a key trigger behind the recent upsurge over the past week or so.
• This followed by last week's bullish breakthrough near 1-1/2-month-old ascending trend-channel reinforced the bullish outlook and sets the stage for additional gains.
• Hence, a follow-through move, towards testing 61.8% Fibonacci retracement level of the $1365-$1160 April to August downfall, now looks a distinct possibility.
• Technical indicators on the daily chart are already pointing to slightly overbought conditions and might turn out to be the only factor capping any further up-move.
Gold daily chart
XAU/USD
Overview:
Today Last Price: 1283.36
Today Daily change: 3.2e+2 pips
Today Daily change %: 0.250%
Today Daily Open: 1280.16
Trends:
Previous Daily SMA20: 1251.14
Previous Daily SMA50: 1233
Previous Daily SMA100: 1219.64
Previous Daily SMA200: 1229.47
Levels:
Previous Daily High: 1284.7
Previous Daily Low: 1274.35
Previous Weekly High: 1284.7
Previous Weekly Low: 1258.1
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1280.75
Previous Daily Fibonacci 61.8%: 1278.3
Previous Daily Pivot Point S1: 1274.77
Previous Daily Pivot Point S2: 1269.39
Previous Daily Pivot Point S3: 1264.42
Previous Daily Pivot Point R1: 1285.12
Previous Daily Pivot Point R2: 1290.09
Previous Daily Pivot Point R3: 1295.47
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.