Gold Technical Analysis: Bulls remain in control, now targeting 50% Fibo. resistance around $1313 area

   •  The precious metal built on its recent bullish trajectory from six-week lows and continued gaining traction on Wednesday, marking the third day of positive momentum in the previous four.

   •  The overnight sustained move above a confluence resistance - comprising of 200-hour SMA and 23.6% Fibo. level of the $1347-$1280 recent downfall was seen as a key trigger for bullish traders.

   •  The fact that the commodity has found acceptance above 38.2% Fibo. level support prospects for further up-move, though slightly overbought conditions on hourly charts might cap gains.

   •  Meanwhile, oscillators on the daily chart have just started gaining positive momentum and might prompt dip-buying interest for a move towards 50% Fibo. level around the $1313-14 region.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1308.16
    Today Daily change %: 0.53%
    Today Daily Open: 1301.3
Trends:
    Daily SMA20: 1311.59
    Daily SMA50: 1303.15
    Daily SMA100: 1269.06
    Daily SMA200: 1238.14
Levels:
    Previous Daily High: 1302.15
    Previous Daily Low: 1292.97
    Previous Weekly High: 1300.7
    Previous Weekly Low: 1280.1
    Previous Monthly High: 1346.85
    Previous Monthly Low: 1300.1
    Daily Fibonacci 38.2%: 1298.64
    Daily Fibonacci 61.8%: 1296.48
    Daily Pivot Point S1: 1295.46
    Daily Pivot Point S2: 1289.63
    Daily Pivot Point S3: 1286.28
    Daily Pivot Point R1: 1304.64
    Daily Pivot Point R2: 1307.99
    Daily Pivot Point R3: 1313.82

 

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