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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.

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