Gold Technical Analysis: $1,244.00/oz is a brick wall - 1,233.00 bear target

Flavio Tosti Independent Analyst

Gold daily chart

Gold broke above the 200-day simple moving average (SMA) which is considered bullish. Technical indicators are bullish although the Stochastic is overbought.
Thursday is a shooting star pattern, which is considered bearish.
As forecast Gold found strong resistance at 1,244.00 resistance.

Gold 4-hour chart

Now that the strong resistance at 1,244.00 is confirmed there is little in the way for the bears to drive the market to the 1,233.00 target.

Gold 30-minute chart

The market is likely to slip through the 50 and 100 SMAs en route to the 200 SMA and 1,233.00.
Technical indicators are bearish.

Additional key levels

XAU/USD

Overview:
    Today Last Price: 1238.52
    Today Daily change: 1.2e+2 pips
    Today Daily change %: 0.0986%
    Today Daily Open: 1237.3
Trends:
    Previous Daily SMA20: 1220.4
    Previous Daily SMA50: 1222.65
    Previous Daily SMA100: 1210.42
    Previous Daily SMA200: 1233.32
Levels:
    Previous Daily High: 1239.36
    Previous Daily Low: 1233.5
    Previous Weekly High: 1231.8
    Previous Weekly Low: 1211.2
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1235.74
    Previous Daily Fibonacci 61.8%: 1237.12
    Previous Daily Pivot Point S1: 1234.08
    Previous Daily Pivot Point S2: 1230.86
    Previous Daily Pivot Point S3: 1228.23
    Previous Daily Pivot Point R1: 1239.94
    Previous Daily Pivot Point R2: 1242.57
    Previous Daily Pivot Point R3: 1245.79

Author

Flavio Tosti

Independent Analyst

EUR/USD remains cautious near 1.1760 ahead of US data

EUR/USD trades marginally on the defensive at the end of the week, hovering around the 1.1770-1.1760 band against the backdrop of an equally humble advance in the US Dollar. Meanwhile, investors gear up for the release of key US data later in the day, including PCE and GDP figures.

GBP/USD looks slightly bid near 1.3480, focus on US docket

The British Pound gathers some fresh steam on Friday, prompting GBP/USD to reverse four consecutive days of losses and revisit the 1.3480 zone. Cable’s decent bounce comes on the back of modest gains in the Greenback prior to the release of significant US data.

Gold extends the recovery past $5,000/oz, looks at US data

Gold prices advance for the third straight day on Friday, reaching new multi-day highs just north of the key $5,000 mark per troy ounce. The continuation of the precious metal’s uptick follows steady geopolitical effervescence in the Middle East, while traders eagerly await key US data releases.

US GDP growth expected to slow down significantly in Q4 after stellar Q3

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Week ahead – Markets brace for heightened volatility as event risk dominates

Dollar strength dominates markets as risk appetite remains subdued. A Supreme Court ruling, geopolitics and Fed developments are in focus. Pivotal Nvidia earnings on Wednesday as investors question tech sector weakness.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.