Gold Technical Analysis: Prints fresh three-month high above $1520, takes-out 61.8% Fibonacci

Gold escalates the week-start rise towards the key near-term resistance.
Bears will look for entry below 61.8% Fibonacci retracement if overbought RSI conditions are to be believed.

Anil Panchal FXStreet

Gold takes the bids to $1,521.50 during the initial trading session on Tuesday. In doing so, the yellow metal successfully breaks 61.8% Fibonacci retracement level of the declines from September to November.

Bulls are now gearing up to confront the September 24 high, near $1,525, ahead of targeting the September month top, at $1,557.

It should also be noted that the Bulls’ dominance past-$1,557 will look towards mid-April 2013 levels near $1,590.

Meanwhile, a daily closing below 61.8% Fibonacci retracement level of $1,514.40 can trigger fresh pullback towards 50% Fibonacci retracement surrounding $1,500 round-figure.

However, the safe-haven’s declines beneath the same will be the call for the Bears’ command targeting early-month tops near $1,484.

Gold daily chart

Trend: Bullish

XAU/USD

Overview
Today last price	1521.38
Today Daily Change	6.74
Today Daily Change %	0.44
Today daily open	1514.64

Trends
Daily SMA20	1481.93
Daily SMA50	1479.12
Daily SMA100	1492.73
Daily SMA200	1419.84

Levels
Previous Daily High	1516.17
Previous Daily Low	1510.85
Previous Weekly High	1517.4
Previous Weekly Low	1477.55
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1514.14
Daily Fibonacci 61.8%	1512.88
Daily Pivot Point S1	1511.61
Daily Pivot Point S2	1508.57
Daily Pivot Point S3	1506.29
Daily Pivot Point R1	1516.93
Daily Pivot Point R2	1519.21
Daily Pivot Point R3	1522.25

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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