Gold Technical Analysis: Focus on today's UTC close

Gold created an inverted hammer on Friday, making today's close is pivotal.
Acceptance below Friday's low of $1,286 would validate signs of bullish exhaustion near $1,300 and could yield a corrective pullback to $1,260. A daily close above $1,300 is required for bullish continuation.
The former scenario is more likely to play out as the impending bullish crossover between the 50- and 200-day moving average (MAs) - a big-time lagging indicator - signaling short-term overbought conditions.

Omkar Godbole FXStreet Contributor

Daily chart

Bias: Cautiously bearish

XAU/USD

Overview:
    Today Last Price: 1291.23
    Today Daily change: 2.8e+2 pips
    Today Daily change %: 0.215%
    Today Daily Open: 1288.46
Trends:
    Previous Daily SMA20: 1274.27
    Previous Daily SMA50: 1244.74
    Previous Daily SMA100: 1228.57
    Previous Daily SMA200: 1229.03
Levels:
    Previous Daily High: 1295.22
    Previous Daily Low: 1286.2
    Previous Weekly High: 1297.15
    Previous Weekly Low: 1279.35
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1291.77
    Previous Daily Fibonacci 61.8%: 1289.65
    Previous Daily Pivot Point S1: 1284.7
    Previous Daily Pivot Point S2: 1280.94
    Previous Daily Pivot Point S3: 1275.68
    Previous Daily Pivot Point R1: 1293.72
    Previous Daily Pivot Point R2: 1298.98
    Previous Daily Pivot Point R3: 1302.74

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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