Gold technical analysis: Immediate symmetrical triangle in focus, $1281 nearby support

Short-term symmetrical triangle limits the moves ahead of $1290 horizontal resistance.
The nine-month-old trend-line at $1266 continues to be strong downside support.

Anil Panchal FXStreet

Gold is taking the rounds near $1283 during the early Asian session on Wednesday. The yellow metal has been following a symmetrical triangle technical formation since April 26.

The technical pattern confines the bullion’s moves between $1281 and $1286 with $1290 being an additional resistance to please buyers past-$1286.

Should prices rally beyond $1290, $1296, $1300 and $1306 are likely intermediate halts that can be availed during the quote’s rally towards April month high near $1311.

Alternatively, a downside break of $1281 can trigger fresh selling in direction to $1278, $1273 and $1270 consecutive supports.

Also, April month lows near $1266 join almost nine-month-old upward sloping trend-line and together offers strong support past-$1270, a break of which can recall $1260 level comprising 61.8% Fibonacci expansion (FE) of its previous month moves.

Gold hourly chart

Trend: Sideways

additional important levels

Overview
Today last price	1282.84
Today Daily Change	3.73
Today Daily Change %	0.29%
Today daily open	1279.11

Trends
Daily SMA20	1285.77
Daily SMA50	1299.81
Daily SMA100	1292.5
Daily SMA200	1251.97

Levels
Previous Daily High	1286.85
Previous Daily Low	1278.18
Previous Weekly High	1288.75
Previous Weekly Low	1265.6
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1281.49
Daily Fibonacci 61.8%	1283.54
Daily Pivot Point S1	1275.91
Daily Pivot Point S2	1272.71
Daily Pivot Point S3	1267.24
Daily Pivot Point R1	1284.58
Daily Pivot Point R2	1290.05
Daily Pivot Point R3	1293.25

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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