Gold Technical Analysis: Intraday positive move falters near 100-hour SMA

Haresh Menghani FXStreet

• The precious metal was seen trying to build on Friday's attempted bounce from a support marked by 50% Fibonacci retracement level of the $1196-$1347 recent up-move.

• Bulls, however, struggled to capitalize on the recovery move and the intraday positive move faltered near 100-hour SMA amid holiday-thinned trading conditions.

• Meanwhile, oscillators on the 1-hourly chart have just started gaining positive traction but maintained their bearish bias on 4-hourly/daily charts and warrant caution.

• Hence, it would be prudent to wait for a sustained move beyond the mentioned barrier before positioning for any further recovery towards $1285 horizontal resistance.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1277.18
Today Daily Change	2.75
Today Daily Change %	0.22
Today daily open	1274.43

Trends
Daily SMA20	1294.71
Daily SMA50	1303.99
Daily SMA100	1290.01
Daily SMA200	1249.22

Levels
Previous Daily High	1277.72
Previous Daily Low	1271.35
Previous Weekly High	1292.05
Previous Weekly Low	1271.1
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1275.29
Daily Fibonacci 61.8%	1273.79
Daily Pivot Point S1	1271.28
Daily Pivot Point S2	1268.13
Daily Pivot Point S3	1264.9
Daily Pivot Point R1	1277.65
Daily Pivot Point R2	1280.88
Daily Pivot Point R3	1284.03

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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