Gold technical analysis: $1290 can question latest pullback

50-day SMA and 38.2% Fibo guards immediate upside.
Buyers lurk around $1266/65 horizontal area.

Anil Panchal FXStreet

Gold prices extend the previous U-turn from 50% Fibonacci retracement to $1283.85 ahead of the Europe market opens on Friday.

The bullion’s immediate upside can be questioned by 50-day simple moving average (SMA) and 38.2% Fibonacci retracement of November 2018 to February 2019 upside, around $1290.

During the precious metal’s increased upside beyond $1290, 100-day SMA and a descending trend-line from February top could challenge buyers near $1297, a break of which can recall $1307 on the chart.

On the contrary, a sustained decline under 50% Fibonacci retracement of $1271 can entertain sellers with $1266/65 ahead of pushing them towards $1258 that nears 200-day SMA.

Also, 61.8% Fibonacci retracement of $1253.80 holds the gate for the quote’s south-run to $1242.

Gold: daily chart

Trend: Sideways

additional important levels

Overview
Today last price	1283.88
Today Daily Change	1.95
Today Daily Change %	0.15%
Today daily open	1281.93

Trends
Daily SMA20	1283.14
Daily SMA50	1289.73
Daily SMA100	1296.7
Daily SMA200	1259.44

Levels
Previous Daily High	1287.3
Previous Daily Low	1271.86
Previous Weekly High	1311.8
Previous Weekly Low	1275.09
Previous Monthly High	1310.7
Previous Monthly Low	1265.6
Daily Fibonacci 38.2%	1281.4
Daily Fibonacci 61.8%	1277.76
Daily Pivot Point S1	1273.43
Daily Pivot Point S2	1264.93
Daily Pivot Point S3	1258
Daily Pivot Point R1	1288.86
Daily Pivot Point R2	1295.8
Daily Pivot Point R3	1304.3

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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