Gold Technical Analysis: Bounce from YTD lows/50% Fibo. support might turn out to be short-lived


   •  The precious metal stalled its recent decline and managed to stage a modest recovery from support marked by 50% Fibo. level of the $1196.40-$1346.85 strong up-move. 

   •  Slightly oversold conditions on the 4-hourly chart prompted some short-covering amid resurfacing global growth concerns following today's sluggish Euro-zone PMI prints.

   •  However, given that the commodity has already confirmed a near-term bearish break through a descending triangle, the current bounce might still be seen as a selling opportunity.

   •  Hence, the recovery seems more likely to confront some fresh supply and fizzle out near the triangle support break-point, now turned resistance - around the $1281-82 region.

   •  Any subsequent up-move seems more likely to remain capped near the $1289 confluence barrier - comprising of 100-day SMA and 38.2% Fibonacci retracement level.

Gold daily chart

XAU/USD

Overview
Today last price 1276.54
Today Daily Change 2.74
Today Daily Change % 0.22
Today daily open 1273.8
 
Trends
Daily SMA20 1296.46
Daily SMA50 1304.69
Daily SMA100 1289.5
Daily SMA200 1248.72
Levels
Previous Daily High 1279.7
Previous Daily Low 1272.1
Previous Weekly High 1310.7
Previous Weekly Low 1288.7
Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1275
Daily Fibonacci 61.8% 1276.8
Daily Pivot Point S1 1270.7
Daily Pivot Point S2 1267.6
Daily Pivot Point S3 1263.1
Daily Pivot Point R1 1278.3
Daily Pivot Point R2 1282.8
Daily Pivot Point R3 1285.9

 

 

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