Gold Technical Analysis: Descending channel/200-hour SMA confluence region to cap goodish intraday bounce

   •  The precious metal reversed an early dip to over one-week lows and refreshed session tops, around the $1310 region in the last hour amid reviving safe-haven demand.

   •  Oversold conditions on the 1-hourly chart triggered the intraday short-covering bounce from support marked by the lower end of a short-term descending trend-channel.

   •  Technical indicators on the mentioned chart have moved into the positive territory and remained supportive, though mixed oscillators on 4-hourly/daily charts warrant caution.

   •  Hence, any subsequent up-move seems more likely to run out of steam, rather meet with some aggressive supply near the trend-channel resistance, coinciding with 200-hour SMA.

Gold 1-hourly chart


    Today Last Price: 1309.4
    Today Daily change %: 0.20%
    Today Daily Open: 1306.8
    Daily SMA20: 1297.57
    Daily SMA50: 1274.31
    Daily SMA100: 1246.82
    Daily SMA200: 1230.45
    Previous Daily High: 1322.3
    Previous Daily Low: 1306.12
    Previous Weekly High: 1326.25
    Previous Weekly Low: 1297.8
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1312.3
    Daily Fibonacci 61.8%: 1316.12
    Daily Pivot Point S1: 1301.18
    Daily Pivot Point S2: 1295.56
    Daily Pivot Point S3: 1285
    Daily Pivot Point R1: 1317.36
    Daily Pivot Point R2: 1327.92
    Daily Pivot Point R3: 1333.54


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1240 in ultra-thin holiday's trading

The EUR/USD pair bounced some 20 pips from its weekly low during the Asian session, now mute around 1.1240 with most market's off today. Softer-than-expected US housing data passed unnoticed.


GBP/USD battling around 1.3000

The GBP/USD pair is heading nowhere fast after bottoming for the week at 1.2978, amid lack of progress in Brexit negotiations.  Encouraging UK data failed to trigger Pound's demand.


USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday.


The Tale of the Prosperous Consumer-US Retail Sales

American consumers asserted the right to spend in a grand fashion in March boosting retail sales to the fastest expansion in 18 months as the booming job market put the shutdown marked holiday season to rest.

Read more

Gold Forecast: Eyes 8-month rising trendline after weakest weekly close since December

The troy ounce of the precious metal lost around $17 this week and now looks to record its lowest weekly close since the end of December near $1275.

Gold News