Gold Technical Analysis: Bounce off the resistance-turned-support favors $1346 return

Gold trades a shade lower than the $1330 during the early Asian session on Wednesday.
On Tuesday, the bullion bounced off the thirteen-month-old descending trend-line support, previously acting as a resistance.
Considering the recent U-turn and a gradual increase in 14-day relative strength index (RSI), the quote is likely to revisit $1334, $1337 and $1346 nearby resistances.
In case buyers continue dominating past-$1346, $1357, $1362 and $1366 might appear on their radar.
Given the precious metal’s slide under $1322 support-line, an upward sloping trend-line at $1316 that joins lows marked since November 2018 becomes crucial for the traders.
Should there be a daily closing under $1316, $1302 and 50-day simple moving average (SMA) figure of $1297.85 may please the sellers.

Anil Panchal FXStreet

Gold daily chart

Additional important levels:

Overview:
    Today Last Price: 1328.81
    Today Daily change: 1.69 cents
    Today Daily change %: 0.13%
    Today Daily Open: 1327.12
Trends:
    Daily SMA20: 1319.06
    Daily SMA50: 1295.9
    Daily SMA100: 1261.29
    Daily SMA200: 1234.89
Levels:
    Previous Daily High: 1332.58
    Previous Daily Low: 1325.32
    Previous Weekly High: 1346.85
    Previous Weekly Low: 1320.72
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1328.1
    Daily Fibonacci 61.8%: 1329.81
    Daily Pivot Point S1: 1324.11
    Daily Pivot Point S2: 1321.09
    Daily Pivot Point S3: 1316.85
    Daily Pivot Point R1: 1331.36
    Daily Pivot Point R2: 1335.6
    Daily Pivot Point R3: 1338.62

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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