• Gold prices print mild gains after stepping back from one-week high the previous day.
  • 50-HMA, ascending trend line from Tuesday restricts immediate downside.
  • 61.8% of Fibonacci retracement guards immediate upside ahead of the weekly top.

Gold rises to $1,949, up 0.18% on a day, amid the initial hour of Tokyo open on Friday. In doing so, the yellow metal recovers Thursday’s losses while stepping back from a short-term key support confluence near $1,943.

With the normal RSI conditions favoring the bullion’s bounce, 61.8% Fibonacci retracement of September 01-08 fall, around $1,960, is likely luring the intraday buyers before the previous day’s peak, also the weekly top, surrounding $1,966/67.

During the quote’s sustained run-up past-$1,967, bulls will have to cross $1,971 and $1,974 intermediate halts before challenging the monthly high of $1,992.42.

Meanwhile, a downside break of $1,943, will be questioned by the 100-HMA level of $1,936.

Given the commodity’s sustained weakness past-$1,936, sellers can refresh the monthly low $1,906 with the $1,900 threshold on the radar.

Gold hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1948.99
Today Daily Change 3.67
Today Daily Change % 0.19%
Today daily open 1945.32
 
Trends
Daily SMA20 1947.59
Daily SMA50 1916.35
Daily SMA100 1821.95
Daily SMA200 1700.22
 
Levels
Previous Daily High 1966.54
Previous Daily Low 1941.43
Previous Weekly High 1992.42
Previous Weekly Low 1916.42
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1951.02
Daily Fibonacci 61.8% 1956.95
Daily Pivot Point S1 1935.65
Daily Pivot Point S2 1925.99
Daily Pivot Point S3 1910.54
Daily Pivot Point R1 1960.76
Daily Pivot Point R2 1976.21
Daily Pivot Point R3 1985.87

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD falls below 1.0500 after US NFP data

EUR/USD falls below 1.0500 after US NFP data

EUR/USD dropped below 1.0450 but managed to stage a modest rebound. The US Dollar preserves its strength against its rivals and doesn't allow the pair to gain traction after the data from the US showed that Nonfarm Payrolls rose by 263,000 in November.

EUR/USD News

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD lost nearly 100 pips with the immediate reaction to the upbeat November jobs report from the US and broke below 1.2200. The US Dollar Index clings to strong daily gains above 105.00 after the data showed that Nonfarm Payrolls rose by 263,000.

GBPUSD News

Gold retreats below $1,790 as US yields surge on US NFP

Gold retreats below $1,790 as US yields surge on US NFP

Gold price turned south and dropped below $1,790 in the early American session. The benchmark 10-year US Treasury bond yield is up more than 2% on the day near 3.6% after the bigger-than-expected November job growth, weighing heavily on XAU/USD.

Gold News

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange, founded by Samuel Bankman-Fried (SBF), has consistently made headlines over the past month for its liquidity crisis and triggering a collapse in the crypto ecosystem.

Read more

AMC advances more than 3% in premarket day after being halted

AMC advances more than 3% in premarket day after being halted

AMC stock is up 3.4% in Friday's premarket just a day after authorities halted trading due to unusual volatility. Thursday saw options volume three times higher than the 20-day average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures