Gold Technical Analysis: Short-term trend-line favor further upside to 50% Fibonacci around $1311.50, $1316
|- Gold trades near $1308 while heading towards European session on Tuesday.
- The Bullion recently bounced off an immediate ascending support-line stretched since March 07, indicating further upside to 50% Fibonacci retracement of its January 24 – February 20 advances, around $1311.50.
- Though, a horizontal-region comprising multiple highs marked during early February may limit the quote’s additional rise at $1316.
- In a case prices rally past-$1316, $1321 and $1330 could entertain buyers ahead of shifting market attention to $1333 horizontal-line.
- On the flipside, the aforementioned trend-line at $1299 seems immediately important as a break of which can fetch the yellow metal to $1291-90 support area.
- Given the bears’ command over momentum under $1290, January month low near $1276.80 might appear in the spotlight.
XAU/USD
Overview:
Today Last Price: 1307.72
Today Daily change: 4.04 pips
Today Daily change %: 0.31%
Today Daily Open: 1303.68
Trends:
Daily SMA20: 1308.34
Daily SMA50: 1304.34
Daily SMA100: 1272.17
Daily SMA200: 1239.6
Levels:
Previous Daily High: 1306.7
Previous Daily Low: 1298.3
Previous Weekly High: 1313.3
Previous Weekly Low: 1290.6
Previous Monthly High: 1346.85
Previous Monthly Low: 1300.1
Daily Fibonacci 38.2%: 1303.49
Daily Fibonacci 61.8%: 1301.51
Daily Pivot Point S1: 1299.09
Daily Pivot Point S2: 1294.49
Daily Pivot Point S3: 1290.68
Daily Pivot Point R1: 1307.49
Daily Pivot Point R2: 1311.3
Daily Pivot Point R3: 1315.9
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