Gold Technical Analysis: Bulls likely to remain cautious below $1300 mark

Haresh Menghani FXStreet

• The precious metal stalled its post-NFP sharp retracement slide from 6-1/2 month tops and managed to find decent buying interest near 200-hour SMA.

• A subsequent move beyond 100-hour SMA was seen as a key trigger for bullish traders, with the commodity now trying to form a base above 50-hour SMA.

• Technical indicators on the 1-hourly chart have flattened out but are still holding in the positive territory and also maintained their bullish bias on 4-hourly/daily charts.

• The set-up support prospects for the resumption of the prior appreciating move, though last week's bearish breakthrough an ascending channel warrants caution.

• Hence, it would be prudent to wait for a strong follow-through buying, possible a sustained move beyond the $1300 handle, before positioning for any further up-move.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1291.68
    Today Daily change: 6.7e+2 pips
    Today Daily change %: 0.517%
    Today Daily Open: 1285.03
Trends:
    Previous Daily SMA20: 1262.86
    Previous Daily SMA50: 1238.88
    Previous Daily SMA100: 1224.07
    Previous Daily SMA200: 1229.19
Levels:
    Previous Daily High: 1298.42
    Previous Daily Low: 1276.82
    Previous Weekly High: 1298.42
    Previous Weekly Low: 1276.82
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1285.07
    Previous Daily Fibonacci 61.8%: 1290.17
    Previous Daily Pivot Point S1: 1275.09
    Previous Daily Pivot Point S2: 1265.15
    Previous Daily Pivot Point S3: 1253.48
    Previous Daily Pivot Point R1: 1296.69
    Previous Daily Pivot Point R2: 1308.36
    Previous Daily Pivot Point R3: 1318.3

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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