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


   •  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

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

LIVE: Nonfarm Payrolls expected to show hiring pickup, dollar set to rock

After Fed Chair Powell sent the dollar surging with his reluctance to halt the bond yield rise, all eyes are on February´s Nonfarm Payrolls figures. An increase of 182K jobs is expected. Live coverage.

FOLLOW US LIVE

EUR/USD slides to new 2021 low on dollar strength, ahead of Nonfarm Payrolls

EUR/USD has hit a new trough near 1.19, the lowest level since December 2020. Fed Chair Powell's reluctance to lower US bond yields is boosting the dollar. The Nonfarm Payrolls report is set to show an increase of 182,000 jobs.

EUR/USD News

XAU/USD turns south once again, eyes $1670 ahead of NFP

XAU/USD consolidates the downside within a pennant on the 1H chart. RSI has turned south while trending well below the midline. US NFP holds the key as gold struggles below $1700.

Gold News

Crypto market bleeds after Bitcoin’s rejection at $52,000

The cryptocurrency market is still suffering from the impact of Bitcoin’s rejection of $52,000 for the second time in less than two weeks. Declines are likely to gain momentum, with BTC already trading under $50,000.

Read more

US Dollar Index: Upside momentum now looks to 92.46

DXY accelerates the march north and clinches new yearly highs just above 92.00 the figure on Friday.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures