- Gold added to its intraday gains further beyond the key $1800 psychological mark.
- Bulls might now wait for a modest pullback to $1790 level before placing fresh bets.
Gold edged higher through the mid-European session on Wednesday and climbed further beyond the $1800 mark, hitting fresh multi-year tops in the last hour.
Acceptance above the mentioned level might be seen as a fresh trigger for bullish traders and supports prospects for additional gains. However, slightly overbought conditions on hourly/daily charts warrant some caution for aggressive bullish traders.
Moreover, the commodity is currently placed near an ascending trend-line, extending from August 2019. This makes it prudent to wait for a modest pullback towards the previous swing high, around the $1790 area before placing fresh bullish bets.
That said, a convincing breakthrough the mentioned trend-line hurdle should set the stage for a further near-term appreciating move. The commodity might then aim to test late September 2019 swing highs, around the $1827 region.
Conversely, sustained weakness below the $1790 zone might prompt some technical selling and accelerate the corrective slide further towards the $1750 horizontal level. An intermediate support is pegged near the $1768-67 region.
Gold daily chart
Technical levels to watch
|Today last price||1802.53|
|Today Daily Change||7.08|
|Today Daily Change %||0.39|
|Today daily open||1795.45|
|Previous Daily High||1797.4|
|Previous Daily Low||1773.66|
|Previous Weekly High||1789.28|
|Previous Weekly Low||1757.7|
|Previous Monthly High||1785.91|
|Previous Monthly Low||1670.76|
|Daily Fibonacci 38.2%||1788.33|
|Daily Fibonacci 61.8%||1782.73|
|Daily Pivot Point S1||1780.27|
|Daily Pivot Point S2||1765.1|
|Daily Pivot Point S3||1756.53|
|Daily Pivot Point R1||1804.01|
|Daily Pivot Point R2||1812.58|
|Daily Pivot Point R3||1827.75|
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