Gold Technical Analysis: Once again fails near 1-week old trading range hurdle

Haresh Menghani FXStreet

• The precious metal struggled to build on the overnight positive momentum and was again seen retreating from the top end of a near one-week-old trading range.

• The recent price-action constituted towards the formation of a rectangle, usually seen as continuation pattern but sometimes mark significant trend tops/bottoms.

• The fact that bulls have repeatedly failed ahead of the $1300 psychological mark points to increased selling pressure/long-unwinding pressure at higher levels.

• However, bullish technical indicators on hourly/daily charts remain supportive of persistent dip-buying interest at the lower end of the recent trading band.

• Hence, traders are likely to wait for a convincing breakthrough the mentioned range before positioning aggressively for the commodity's next leg of a directional move.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1292.61
    Today Daily change: -49 pips
    Today Daily change %: -0.0379%
    Today Daily Open: 1293.1
Trends:
    Previous Daily SMA20: 1281.08
    Previous Daily SMA50: 1249.37
    Previous Daily SMA100: 1231.38
    Previous Daily SMA200: 1228.91
Levels:
    Previous Daily High: 1295.25
    Previous Daily Low: 1276.2
    Previous Weekly High: 1297.15
    Previous Weekly Low: 1279.35
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1287.97
    Previous Daily Fibonacci 61.8%: 1283.48
    Previous Daily Pivot Point S1: 1281.12
    Previous Daily Pivot Point S2: 1269.14
    Previous Daily Pivot Point S3: 1262.07
    Previous Daily Pivot Point R1: 1300.17
    Previous Daily Pivot Point R2: 1307.23
    Previous Daily Pivot Point R3: 1319.22

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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