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

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