Gold Technical Analysis: Builds on overnight late bounce, bulls eyeing a move beyond 200-hour SMA

Haresh Menghani FXStreet

• The precious metal regained positive traction on Tuesday and built on the overnight bounce from ascending trend-line support, extending from Jan. 25/28 through lows set on Feb. 7.

• Today's up-move marked a positive day for the third session in the previous four, with bulls now looking to extend the momentum further beyond 200-hour SMA and the $1315-16 supply zone.

• Technical indicators on hourly/daily charts have managed to regain positive traction and support prospects for an extension of the intraday positive momentum amid a modest USD pull-back.

• Traders, however, are likely to wait for a sustained move beyond the mentioned hurdle before placing any aggressive bullish bets for a move back towards $1326 area- nine-month tops set in Jan.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1312.3
    Today Daily change %: 0.30%
    Today Daily Open: 1308.36
Trends:
    Daily SMA20: 1300.88
    Daily SMA50: 1279.42
    Daily SMA100: 1250.06
    Daily SMA200: 1231.32
Levels:
    Previous Daily High: 1314.88
    Previous Daily Low: 1303.75
    Previous Weekly High: 1322.3
    Previous Weekly Low: 1300.1
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1308
    Daily Fibonacci 61.8%: 1310.63
    Daily Pivot Point S1: 1303.12
    Daily Pivot Point S2: 1297.87
    Daily Pivot Point S3: 1291.99
    Daily Pivot Point R1: 1314.24
    Daily Pivot Point R2: 1320.12
    Daily Pivot Point R3: 1325.37

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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