Gold Price Analysis: Bulls eyeing a sustained move beyond 61.8% Fibo. level

Gold seemed struggling to build on its intraday positive move.
The technical set-up seems tilted in favour of bullish traders.

Haresh Menghani FXStreet

Gold failed to capitalize on its early uptick and for now, seems to have stalled near a resistance marked by the 61.8% Fibonacci level of the recent pullback from multi-year highs – around the $1612 region – to the $1536 level.

Given this week's rebound from a previous strong resistance, now turned support near the $1563-62 region, the near-term set-up seems tilted in favour of bullish traders and support prospects for a further near-term appreciating move.

The mentioned support also nears 38.2% Fibo. level and should now act as a key pivotal point for the commodity's near-term direction. Meanwhile, bullish technical indicators on hourly/daily charts further add credence to the constructive outlook.

However, traders are likely to wait for a sustained move beyond the mentioned hurdle before positioning for a move towards reclaiming the $1600 round-figure mark en-route the recent swing high resistance near the $1612 region.

Gold 4-hourly chart

XAU/USD

Overview
Today last price	1579.94
Today Daily Change	2.96
Today Daily Change %	0.19
Today daily open	1576.98

Trends
Daily SMA20	1559.56
Daily SMA50	1510.95
Daily SMA100	1501.2
Daily SMA200	1448.96

Levels
Previous Daily High	1578.08
Previous Daily Low	1563.46
Previous Weekly High	1575.88
Previous Weekly Low	1546.4
Previous Monthly High	1525.1
Previous Monthly Low	1454.05
Daily Fibonacci 38.2%	1572.5
Daily Fibonacci 61.8%	1569.04
Daily Pivot Point S1	1567.6
Daily Pivot Point S2	1558.22
Daily Pivot Point S3	1552.98
Daily Pivot Point R1	1582.22
Daily Pivot Point R2	1587.46
Daily Pivot Point R3	1596.84

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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