Gold Technical Analysis: Bulls gearing up for a move beyond Thursday’s near 5-month tops

Haresh Menghani FXStreet

• The commodity has been steadily climbing alongside an ascending trend-channel formation on intraday charts and is currently placed at the middle of its daily trading range.

Gold 15-mins chart

• On the 1-hourly chart, the downside remains supported by a short-term ascending trend-line and the metal has managed to hold comfortably above intraday moving averages.

• Technical indicators on hourly/daily chart maintained their near-term bullish bias and support prospects for a move beyond near five-month tops set in the previous session.

• Only a convincing breakthrough the ascending trend-line support, leading to a subsequent weakness below 100-hour SMA might negate the near-term constructive outlook.

Hourly chart

XAU/USD

Overview:
    Today Last Price: 1240.16
    Today Daily change: 2.0e+2 pips
    Today Daily change %: 0.160%
    Today Daily Open: 1238.18
Trends:
    Previous Daily SMA20: 1221.84
    Previous Daily SMA50: 1223.52
    Previous Daily SMA100: 1210.9
    Previous Daily SMA200: 1232.92
Levels:
    Previous Daily High: 1244.35
    Previous Daily Low: 1232.8
    Previous Weekly High: 1231.8
    Previous Weekly Low: 1211.2
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1239.94
    Previous Daily Fibonacci 61.8%: 1237.21
    Previous Daily Pivot Point S1: 1232.54
    Previous Daily Pivot Point S2: 1226.89
    Previous Daily Pivot Point S3: 1220.99
    Previous Daily Pivot Point R1: 1244.09
    Previous Daily Pivot Point R2: 1249.99
    Previous Daily Pivot Point R3: 1255.64

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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