Gold Technical Analysis: Recovers further from 3-week lows, bulls aiming for a move beyond $1300 mark

Haresh Menghani FXStreet

• The precious metal stalled this week's sharp retracement slide from near one-month tops and showed some resilience near 38.2% Fibo. level of the $1196-$1347 upsurge.

• This is closely followed by 100-day SMA support, around the $1278 region, and should act as a key pivotal point for the commodity's next leg of a directional move.

• Given the recent weakness below the key $1300 psychological mark, coupled with bearish oscillators on the daily chart point to an extension of the depreciating move.

• However, it would be prudent to wait for a convincing break through the mentioned support (100-DMA) before traders start positioning for any further downfall.

Gold daily chart

XAU/USD

Overview
Today last price	1299.4
Today Daily Change	9.08
Today Daily Change %	0.70
Today daily open	1290.32

Trends
Daily SMA20	1301.23
Daily SMA50	1307.54
Daily SMA100	1279.28
Daily SMA200	1243.03

Levels
Previous Daily High	1312.35
Previous Daily Low	1288.7
Previous Weekly High	1320.36
Previous Weekly Low	1298.3
Previous Monthly High	1346.85
Previous Monthly Low	1300.1
Daily Fibonacci 38.2%	1297.73
Daily Fibonacci 61.8%	1303.32
Daily Pivot Point S1	1281.9
Daily Pivot Point S2	1273.48
Daily Pivot Point S3	1258.25
Daily Pivot Point R1	1305.55
Daily Pivot Point R2	1320.78
Daily Pivot Point R3	1329.2

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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