- 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
|Today last price||1489.15|
|Today Daily Change||1.45|
|Today Daily Change %||0.10%|
|Today daily open||1487.7|
|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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