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 recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.