Gold technical analysis: Clings to gain near the top end of 2-week old trading range

Reviving safe-haven demand helped gain some follow-through traction on Wednesday.
Sustained move beyond 200-hour SMA was seen as a trigger for intraday bullish traders.

Haresh Menghani FXStreet

Gold gained some follow-through traction for the second consecutive session on Wednesday and is currently placed at the top end of a near two-week-old trading range.

A sustained move beyond 200-hour SMA pivotal point was seen as a key trigger for intraday bullish traders amid reviving demand for traditional safe-haven assets.

Meanwhile, positive oscillators on hourly charts support prospects for additional gains, albeit neutral technical indicators on the daily chart warrant some caution.

Hence, it will be prudent to wait for a sustained breakthrough the mentioned trading range resistance, around the $1497 region, before placing fresh bullish bets.

Momentum beyond the said barrier has the potential to lift the commodity further beyond the key $1500 psychological mark towards testing the $1510-12 supply zone.

On the flip side, the $1489 region (200-hour SMA) now seems to protect the immediate downside, which if broken might accelerate the slide back towards $1482 support area.

The slide could further get extended towards the trading range support, near the $1477 region, before the metal eventually drops to monthly swing lows – around the $1459 region.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1492.81
Today Daily Change	5.00
Today Daily Change %	0.34
Today daily open	1487.81

Trends
Daily SMA20	1493.69
Daily SMA50	1506.07
Daily SMA100	1457.84
Daily SMA200	1377.56

Levels
Previous Daily High	1489.05
Previous Daily Low	1481.05
Previous Weekly High	1497.95
Previous Weekly Low	1477.15
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1485.99
Daily Fibonacci 61.8%	1484.11
Daily Pivot Point S1	1482.89
Daily Pivot Point S2	1477.97
Daily Pivot Point S3	1474.89
Daily Pivot Point R1	1490.89
Daily Pivot Point R2	1493.97
Daily Pivot Point R3	1498.89

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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