Gold Technical Analysis: Recover early lost ground to 200-hour SMA/50% Fibo. confluence support, FOMC in focus

Haresh Menghani FXStreet

• The precious metal quickly reversed an early European session slide to $1278 area and is currently placed near the top end of its daily trading range ahead of the US macro data.

• The intraday dip once again managed to find decent support near a confluence region - comprising of 200-hour SMA and 50% Fibo. level of the $1266.50-$1288.75 recent up-move.

• The mentioned support might now act as a key pivotal point for the commodity's near-term trajectory as the market focus remains on today's key event risk - FOMC policy decision.

• Meanwhile, mixed technical indicators have also failed to support any firm directional bias and further collaborated towards holding back investors from placing any aggressive bets.

• Hence, it would be prudent to wait for a strong follow-through buying or a sustained break below the said horizontal support before positioning for the next leg of a directional move.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1282.58
Today Daily Change	-5.32
Today Daily Change %	-0.41
Today daily open	1287.9

Trends
Daily SMA20	1285.91
Daily SMA50	1298.83
Daily SMA100	1292.94
Daily SMA200	1252.43

Levels
Previous Daily High	1288
Previous Daily Low	1279.9
Previous Weekly High	1288.75
Previous Weekly Low	1265.6
Previous Monthly High	1310.7
Previous Monthly Low	1265.6
Daily Fibonacci 38.2%	1282.99
Daily Fibonacci 61.8%	1284.91
Daily Pivot Point S1	1282.53
Daily Pivot Point S2	1277.17
Daily Pivot Point S3	1274.43
Daily Pivot Point R1	1290.63
Daily Pivot Point R2	1293.37
Daily Pivot Point R3	1298.73

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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