Gold Technical Analysis: Rebounds sharply from 200-hour SMA, bulls retake $1300 mark and beyond

Haresh Menghani FXStreet

• The precious metal stalled its overnight sharp retracement slide from 1-1/2 week tops and managed to find decent support/regain positive traction near 200-hour SMA.

• The mentioned region coincides with 61.8% Fibonacci retracement level of the $1280-$1313 recent up-move and should now act as a key trigger for bearish traders.

• The intraday positive momentum lifted the commodity back above the key $1300 psychological mark, with bulls now eyeing a move towards testing 23.6% Fibo. level.

• Oscillators on hourly charts have just started gaining traction and support prospects for additional gains, though remained in the bearish territory on the daily chart and warrant caution.

• Hence, any subsequent up-move seems more likely to meet with some fresh supply and remain capped near the $1310 region – a support break-point now turned resistance.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1303.6
    Today Daily change %: 0.56%
    Today Daily Open: 1296.3
Trends:
    Daily SMA20: 1310.94
    Daily SMA50: 1303.7
    Daily SMA100: 1270.59
    Daily SMA200: 1238.85
Levels:
    Previous Daily High: 1313.3
    Previous Daily Low: 1293.06
    Previous Weekly High: 1300.7
    Previous Weekly Low: 1280.1
    Previous Monthly High: 1346.85
    Previous Monthly Low: 1300.1
    Daily Fibonacci 38.2%: 1300.79
    Daily Fibonacci 61.8%: 1305.57
    Daily Pivot Point S1: 1288.47
    Daily Pivot Point S2: 1280.65
    Daily Pivot Point S3: 1268.24
    Daily Pivot Point R1: 1308.71
    Daily Pivot Point R2: 1321.12
    Daily Pivot Point R3: 1328.94

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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