Gold Technical Analysis: Correction up finds resistance at $1,280.00/oz

Flavio Tosti Independent Analyst

Gold daily chart

The yellow metal corrected part of the slide of the last weeks this Wednesday but found strong resistance at the 1,280.00 level.

Gold 4-hour chart

Gold is trading below its main SMAs suggesting a bearish bias in the medium-term.

Gold 30-minute chart

Gold is trading above its main SMAs suggesting a bullish correction in the short-term.
Bulls will defend 1,270.00 level while bears will try to break below it to reach 1,260.00 and 1,247.00 support to the downside.
Key resistance is at 1,280.00 and then at 1,290.00 figure.

Additional key levels

XAU/USD

Overview
Today last price	1275.84
Today Daily Change	3.44
Today Daily Change %	0.27
Today daily open	1272.4

Trends
Daily SMA20	1290.27
Daily SMA50	1302.46
Daily SMA100	1290.94
Daily SMA200	1250.16

Levels
Previous Daily High	1276.53
Previous Daily Low	1266.5
Previous Weekly High	1292.05
Previous Weekly Low	1271.1
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1270.33
Daily Fibonacci 61.8%	1272.7
Daily Pivot Point S1	1267.09
Daily Pivot Point S2	1261.78
Daily Pivot Point S3	1257.07
Daily Pivot Point R1	1277.12
Daily Pivot Point R2	1281.83
Daily Pivot Point R3	1287.14

Author

Flavio Tosti

Independent Analyst

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