- Gold prices extend recoveries from $1,798.14, defies two-day losing streak.
- A seven-day-old bullish technical pattern, sustained trading beyond immediate support favor the buyers.
- 200-HMA offers additional downside support, bulls will cheer break of $1,811.60.
Gold prices print mild gains of 0.12% while taking the bids near $1,801.30 during the initial hour of Tokyo open on Monday. The yellow metal portrays a bullish flag on the hourly chart while keeping its trading momentum beyond a seven-day-old support line and 200-HMA.
Considering the bullion’s repeated bounces off near-term key supports, coupled with the MACD conditions, buyers may aim for $1,805 as an immediate resistance ahead of confirming its further run-up. In doing so, $1,811.60 holds the key to challenging the recent high, also the highest since late-2011, around $1,818.20.
It’s worth mentioning that the late-August 2011 tops near $1,840 might offer intermediate halts during the precious metal’s rise to the record high above $1921.
Alternatively, an upward sloping trend line from July 02, at $1,795.90 now, can become immediate support ahead of the said flag’s lower line near $1,792.30.
If at all the sellers defy the bullish formation, a 200-HMA level of $1,788 will validate the quote’s further weakness.
Gold hourly chart
Additional important levels
|Today last price||1801.34|
|Today Daily Change||2.14|
|Today Daily Change %||0.12%|
|Today daily open||1799.2|
|Previous Daily High||1810.74|
|Previous Daily Low||1794.24|
|Previous Weekly High||1818.17|
|Previous Weekly Low||1770.16|
|Previous Monthly High||1785.91|
|Previous Monthly Low||1670.76|
|Daily Fibonacci 38.2%||1800.54|
|Daily Fibonacci 61.8%||1804.44|
|Daily Pivot Point S1||1792.05|
|Daily Pivot Point S2||1784.89|
|Daily Pivot Point S3||1775.55|
|Daily Pivot Point R1||1808.55|
|Daily Pivot Point R2||1817.89|
|Daily Pivot Point R3||1825.05|
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.