Gold technical analysis: Bounces off three-month-old rising trendline


  • Gold clings to 23.6% Fibonacci retracement after a bounce from a multi-week-old support line.
  • 100-day SMA could challenge sellers targeting July top, $1,518/20 area seems to restrict immediate upside.

With the recent trade/political headlines renewing risk aversion, Gold prices take a U-turn from a three-month-old ascending support line while taking the bids to $1,489 amid Wednesday’s Asian session.

Considering the bullish signals from 12-bar Moving Average Convergence and Divergence (MACD) and the recent run for risk safety, gold is heading towards $1,500 round-figure prior to challenging a four-week long horizontal barrier, around $1,518/20.

In a case where the quote manages to cross $1,520 on a daily (D1) closing basis, $1,535 and September month top close to $1,557 will grab the buyer’s attention.

On the contrary, pair’s declines below the key support line on a D1 basis, at $1,482 now, will highlight 100-day Simple Moving Average (SMA) as the next important support, near $1,467, while July month high around $1,453/52 could lure bears then after.

Gold daily chart

Trend: pullback expected

additional important levels

Overview
Today last price 1489.15
Today Daily Change 1.45
Today Daily Change % 0.10%
Today daily open 1487.7
 
Trends
Daily SMA20 1494.82
Daily SMA50 1504.54
Daily SMA100 1466.03
Daily SMA200 1382.81
 
Levels
Previous Daily High 1494.8
Previous Daily Low 1483.98
Previous Weekly High 1517.92
Previous Weekly Low 1481.05
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1488.11
Daily Fibonacci 61.8% 1490.67
Daily Pivot Point S1 1482.85
Daily Pivot Point S2 1478.01
Daily Pivot Point S3 1472.03
Daily Pivot Point R1 1493.67
Daily Pivot Point R2 1499.65
Daily Pivot Point R3 1504.49

 

 

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