Gold Technical Analysis: Gold bulls optimistic above the 200-day simple moving average - $1,230.00/oz bear target

Flavio Tosti Independent Analyst

Gold daily chart

Gold broke above the 200-day simple moving average (SMA) which is considered bullish.
Technical indicators are bullish.
Wednesday is an inside day.

Gold 4-hour chart

Gold is trading above its main SMAs.
1,244.00 is the strong resistance to overcome for further bullish advances.
Failure to do so would lead to a pullback to 1,230.00 in the coming sessions.

Gold 30-minute chart

Gold pulled back to the 50 and 100 SMA as the market is decelerating.
While there might be a spike to 1,244.00, it is more likely that the market will correct to 1.230.00
The correction to 1,230.00 might take place even after a potential spike up to 1,244.00.

Additional key levels

XAU/USD

Overview:
    Today Last Price: 1237.74
    Today Daily change: -37 pips
    Today Daily change %: -0.0299%
    Today Daily Open: 1238.11
Trends:
    Previous Daily SMA20: 1218.99
    Previous Daily SMA50: 1221.7
    Previous Daily SMA100: 1209.9
    Previous Daily SMA200: 1233.72
Levels:
    Previous Daily High: 1241.9
    Previous Daily Low: 1230.6
    Previous Weekly High: 1231.8
    Previous Weekly Low: 1211.2
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1237.58
    Previous Daily Fibonacci 61.8%: 1234.91
    Previous Daily Pivot Point S1: 1231.84
    Previous Daily Pivot Point S2: 1225.56
    Previous Daily Pivot Point S3: 1220.53
    Previous Daily Pivot Point R1: 1243.14
    Previous Daily Pivot Point R2: 1248.17
    Previous Daily Pivot Point R3: 1254.45

Author

Flavio Tosti

Independent Analyst

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