Gold technical analysis: Consolidates in a range around 50% Fibo. level

Gold on Friday managed to defend a confluence support near the $1420 region - comprising of 100-hour SMA and 61.8% Fibo. level of the $1400-$1453 move to fresh multi-year tops.
The precious metal was now seen oscillating in a narrow trading band and hovered around 50% Fibo. level through the early European session on the first day of a new trading week.

Haresh Menghani FXStreet

Meanwhile, technical indicators on the 1-hourly chart have already started recovering from the negative territory and maintained their bullish bias on 4-hourly/daily charts, supporting prospects for some renewed up-move amid escalating geopolitical tensions in the Middle East.

However, the fact that investors might have already started scaling back expectations for an aggressive Fed rate cut move at the upcoming policy meeting seemed to be the only factor holding investors from placing any aggressive bullish bets around the non-yielding yellow metal.

Hence, it would be prudent to wait for a move beyond the Asian session swing high, around the $1430 region – also nearing 38.2% Fibo. level, before traders start positioning for any further near-term appreciating move back towards the $1440 supply zone.

On the flip side, a sustained breakthrough the above-mentioned confluence support, near the $1420 region might prompt some fresh technical selling and turn the commodity vulnerable to accelerate the slide back towards challenging the key $1400 psychological mark.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1428
Today Daily Change	2.35
Today Daily Change %	0.16
Today daily open	1425.65

Trends
Daily SMA20	1412.97
Daily SMA50	1354.27
Daily SMA100	1322.75
Daily SMA200	1293.45

Levels
Previous Daily High	1452.72
Previous Daily Low	1420.68
Previous Weekly High	1452.72
Previous Weekly Low	1400.2
Previous Monthly High	1438.66
Previous Monthly Low	1306.18
Daily Fibonacci 38.2%	1432.91
Daily Fibonacci 61.8%	1440.48
Daily Pivot Point S1	1413.31
Daily Pivot Point S2	1400.97
Daily Pivot Point S3	1381.27
Daily Pivot Point R1	1445.35
Daily Pivot Point R2	1465.05
Daily Pivot Point R3	1477.39

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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