Gold Technical Analysis: Set-up points to an extension of the near-term positive momentum
|• The precious metal built on last week's bullish breakthrough near two-month-old trading range, albeit now seemed facing some resistance near 50% Fibonacci retracement level of the $1309.30-$1160.19 downfall.
• Given that technical indicators on the daily chart have started gaining positive momentum, a follow-through move beyond 100-day SMA, for the first time since late-April, support prospects for additional near-term gains.
• A convincing break through the above-mentioned resistance will reinforce the constructive outlook and pave the way for an extension of the near-term positive momentum towards testing 61.8% Fibo. retracement level.
Gold daily chart
XAU/USD
Overview:
Last Price: 1229.7
Daily change: 2.9e+2 pips
Daily change: 0.233%
Daily Open: 1226.84
Trends:
Daily SMA20: 1201.82
Daily SMA50: 1200.6
Daily SMA100: 1209.11
Daily SMA200: 1256.42
Levels:
Daily High: 1233.3
Daily Low: 1216.56
Weekly High: 1226.4
Weekly Low: 1182.54
Monthly High: 1226.4
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1226.9
Daily Fibonacci 61.8%: 1222.95
Daily Pivot Point S1: 1217.83
Daily Pivot Point S2: 1208.82
Daily Pivot Point S3: 1201.08
Daily Pivot Point R1: 1234.57
Daily Pivot Point R2: 1242.31
Daily Pivot Point R3: 1251.32
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