- 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
|Today last price||1948.99|
|Today Daily Change||3.67|
|Today Daily Change %||0.19%|
|Today daily open||1945.32|
|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|
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