Gold Technical Analysis: Buyers lurk around 50-day SMA, channel-support area of $1307/08

Anil Panchal FXStreet

Gold daily chart

Gold trades near $1311 ahead of European markets open on Thursday.
The yellow metal recently bounced off the 50-day simple moving average (SMA) level around $1307.50, which in turn highlights the importance of $1317 and a descending trend-line stretched since February 20 at $1323.
Given the prices manage to rally past-$1323, $1328 and $1333 may entertain buyers ahead of challenging them with nearly a year-old resistance-line at $1346.
Meanwhile, a downside break of $1307.50 can recall $1300 on the chart but an upward sloping support-line stretched since November 2018 could confine further declines near $1296.
In a case where the quote slips beneath $1296, 61.8% Fibonacci retracement of April to August 2018 downturn may offer intermediate halt around $1287 ahead of flashing 100-day SMA level of $1278 on bears’ radar.

Gold 4-Hour chart

In addition to the 50-day SMA on the daily chart, support-line of a short-term ascending trend-line also highlights the $1307/08 area as a crucial support-zone.
Herein, $1321, $1325 and $1331 are likely additional resistances to watch.

Gold hourly chart

Lows of March 18 and 20 can provide extra support to the bullion near $1299.
Wednesday’s high near $1320 seems the closest resistance.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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