Gold Technical Analysis: Breaks through descending trend-channel hurdle, now eyeing 200-hour SMA


   •  The precious metal reversed an early dip and jumped to fresh session tops in the last hour, turning higher for the second straight session.

   •  The positive momentum has been strong enough to lift the commodity beyond a descending trend-channel formation on the 1-hourly chart

   •  Technical indicators on mentioned charts have just started gaining traction and support prospects for an extension of the goodish intraday up-move.

   •  A follow-through strength beyond 200-hour will add credence to the near-term bullish breakout and pave the way for a further appreciating move.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1311.18
    Today Daily change %: 0.11%
    Today Daily Open: 1309.8
Trends:
    Daily SMA20: 1298.75
    Daily SMA50: 1276.03
    Daily SMA100: 1247.89
    Daily SMA200: 1230.71
Levels:
    Previous Daily High: 1312
    Previous Daily Low: 1302.8
    Previous Weekly High: 1326.25
    Previous Weekly Low: 1297.8
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1308.49
    Daily Fibonacci 61.8%: 1306.31
    Daily Pivot Point S1: 1304.4
    Daily Pivot Point S2: 1299
    Daily Pivot Point S3: 1295.2
    Daily Pivot Point R1: 1313.6
    Daily Pivot Point R2: 1317.4
    Daily Pivot Point R3: 1322.8

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: risk aversion could send it sub-1.1180

EUR/USD capped by a critical Fibonacci resistance for two weeks in-a-row. The American dollar has closed the week on a high note as hopes for significant rate cuts faded.

EUR/USD News

GBP/USD: bears to retake control on a break below 1.2475

Renewed demand for the greenback has resulted in the GBP/USD pair giving back half of its Thursday’s gains at the end of the week, with the pair closing it just above the 1.2500 figure.

GBP/USD News

USD/JPY: bearish case firmer once below 107.20

The USD/JPY pair flirted with the 108.00 level by the end of the week on renewed demand for the greenback but retreated sharply from the level to settle at around 107.70.

USD/JPY News

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •