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.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.