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Gold Technical Analysis: Regains positive traction from 100-hour SMA/50% Fibo. confluence support

   •  The precious metal stalled its overnight corrective slide ahead of 100-hour SMA support and managed to regain positive traction during the Asian session on Tuesday.

   •  The latest disappointment from Chinese manufacturing PMI dented investors' appetite for riskier assets and provided a modest boost to the commodity's safe-haven demand. 

   •  The mentioned support coincided with 50% Fibonacci retracement level of the $1266.50-$1288.75 up-move and might now act as a key trigger point for bearish traders. 

   •  Oscillators on hourly charts have again started gaining traction but maintained their bearish bias on the daily chart, warranting some caution before placing aggressive bets.

   •  Hence, investors are likely to wait for the upcoming event/data risks - the latest FOMC monetary policy update and NFP, before positioning for the next leg of a directional move.

Gold 1-hourly chart

XAU/USD

Overview
Today last price1283.6
Today Daily Change4.49
Today Daily Change %0.35
Today daily open1279.11
 
Trends
Daily SMA201285.77
Daily SMA501299.81
Daily SMA1001292.5
Daily SMA2001251.97
Levels
Previous Daily High1286.85
Previous Daily Low1278.18
Previous Weekly High1288.75
Previous Weekly Low1265.6
Previous Monthly High1327.8
Previous Monthly Low1280.1
Daily Fibonacci 38.2%1281.49
Daily Fibonacci 61.8%1283.54
Daily Pivot Point S11275.91
Daily Pivot Point S21272.71
Daily Pivot Point S31267.24
Daily Pivot Point R11284.58
Daily Pivot Point R21290.05
Daily Pivot Point R31293.25

Author

Haresh Menghani

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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