Gold Technical Analysis: Gearing up for a move towards recent swing highs, around $1313 area

Haresh Menghani FXStreet

• After an Asian session dip to $1298, the precious metal regained positive traction and was seen building on Friday's goodish bounce from 200-hour SMA.

• Currently hovering around 23.6% Fibo. level of the $1280-$1313 recent up-move, bullish oscillators on the 1-hourly chart support prospects for further gains.

• Meanwhile, technical indicators on 4-hourly/daily charts are also catching up with the positive momentum and add credence to the constructive set-up.

• Hence, any dips to the $1300 psychological mark might be seen as a buying opportunity for a move back towards the recent swing highs, around the $1313 region.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1305.23
    Today Daily change %: 0.24%
    Today Daily Open: 1302.16
Trends:
    Daily SMA20: 1310
    Daily SMA50: 1304.05
    Daily SMA100: 1271.46
    Daily SMA200: 1239.2
Levels:
    Previous Daily High: 1306.45
    Previous Daily Low: 1294.1
    Previous Weekly High: 1313.3
    Previous Weekly Low: 1290.6
    Previous Monthly High: 1346.85
    Previous Monthly Low: 1300.1
    Daily Fibonacci 38.2%: 1301.73
    Daily Fibonacci 61.8%: 1298.82
    Daily Pivot Point S1: 1295.35
    Daily Pivot Point S2: 1288.55
    Daily Pivot Point S3: 1283
    Daily Pivot Point R1: 1307.7
    Daily Pivot Point R2: 1313.25
    Daily Pivot Point R3: 1320.05

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

USD/JPY extends sell-off below 157.00 on hawkish BoJ repricing

USD/JPY extends sell-off below 157.00 in European trading on Thursday. Traders react negatively to the weak US ADP report, smashing the US Dollar across the board and exerting renewed selling pressure on the pair. Meanwhile, hawkish BoJ expectations and intervention risks continue to lend support to the Japanese Yen, rendering it negative for the major.

AUD/USD ranges above 0.7150 despite upbeat Chinese PMI

AUD/USD struggles to capitalize on the previous day's bounce from a nearly two-week low and ranges above 0.7150 in Asia on Thursday, as dismal Australian trade data counter upbeat China's RatingDog Services PMI. However, the pair's upside remains in check as the US Dollar stalls the weak ADP report-led slide amid escalating US-Iran tensions and firming September Fed rate-hike bets.

Gold sticks to gains below $4,450 amid weaker USD

Gold maintains its bid tone heading into the European session, though it remains below $4,450 amid mixed fundamental cues. Sliding US bond yields and Wednesday's soft US ADP report weigh on the US Dollar, assisting the commodity build on the previous day's goodish recovery from a nearly four-week low. That said, firming US Federal Reserve rate-hike expectations and inflation risks stemming from higher energy prices could act as a tailwind for US bond yields.

XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple (XRP) and Stellar (XLM) show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages (EMAs).

Ripple defends key support; Stellar awaits breakout as derivatives strengthen

Ripple and Stellar show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.