Gold technical analysis: Climbs to 3-day tops, around $1430 horizontal resistance

Gold reversed an early dip and turned higher for the third consecutive session on Tuesday, hitting three-day highs - around the $1430 region, in the last hour.
The overnight sustained move beyond 200-hour SMA was seen as a key trigger for intraday bullish traders and attracted some dip-buying interest on Tuesday.

Haresh Menghani FXStreet

With technical indicators on hourly charts again gaining positive traction and maintaining their bullish bias on the daily chart, a follow-through buying has the potential to provide an additional lift to the precious metal.

Sustained strength beyond last week’s swing high resistance near the $1433-34 region will reinforce the constructive outlook and set the stage for a move back towards $1445 horizontal resistance en-route multi-year tops.

Alternatively, failure near the current resistance zone, leading to a subsequent weakness below intraday lows – around the $1422 area, might negate any bullish bias and accelerate the slide back towards $1413 support zone.

A follow-through selling might turn the commodity vulnerable to head towards challenging the key $1400 psychological mark before eventually dropping to its next support near the $1393 zone ahead of the $1384 region.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1428.3
Today Daily Change	1.40
Today Daily Change %	0.10
Today daily open	1426.9

Trends
Daily SMA20	1416.59
Daily SMA50	1370.04
Daily SMA100	1330.64
Daily SMA200	1299.21

Levels
Previous Daily High	1428.2
Previous Daily Low	1415.9
Previous Weekly High	1433.6
Previous Weekly Low	1411.26
Previous Monthly High	1438.66
Previous Monthly Low	1306.18
Daily Fibonacci 38.2%	1423.5
Daily Fibonacci 61.8%	1420.6
Daily Pivot Point S1	1419.13
Daily Pivot Point S2	1411.37
Daily Pivot Point S3	1406.83
Daily Pivot Point R1	1431.43
Daily Pivot Point R2	1435.97
Daily Pivot Point R3	1443.73

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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