Gold Technical Analysis: Pullback from 50% Fibo highlights 2-week old support line near $1300

Gold trades near $1305 on early Wednesday.
The yellow metal recently reversed from 50% Fibonacci retracement of its January 24 to February 20 upmove, which in turn can drag the quote towards an upward sloping supportline stretched since March 07, at $1300 now.
Should prices decline under $1300, the $1297 can offer immediate rest ahead of dragging them to multiple support area around $1291/90.
In a case where prices slid under $1290, $1281 and January month low near $1276.70 may flash on seller’s radar.
On the flip side, a successful break of $1311 could escalate the recovery in a direction to $1316 whereas $1321 and $1331 entertaining the buyers then after.
Though, $1332.80 - $13333 horizontal area may limit the upside beyond $1331 if not then $1341 and $1347 can take their place on the chart.

Anil Panchal FXStreet

Gold 4-Hour chart

additional important levels

Overview
Today last price	1305.07
Today Daily Change	-1.46
Today Daily Change %	-0.11
Today daily open	1306.53

Trends
Daily SMA20	1306.62
Daily SMA50	1304.76
Daily SMA100	1272.91
Daily SMA200	1240.01

Levels
Previous Daily High	1310.92
Previous Daily Low	1302.6
Previous Weekly High	1313.3
Previous Weekly Low	1290.6
Previous Monthly High	1346.85
Previous Monthly Low	1300.1
Daily Fibonacci 38.2%	1307.74
Daily Fibonacci 61.8%	1305.78
Daily Pivot Point S1	1302.44
Daily Pivot Point S2	1298.36
Daily Pivot Point S3	1294.12
Daily Pivot Point R1	1310.76
Daily Pivot Point R2	1315
Daily Pivot Point R3	1319.08

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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