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

Haresh Menghani FXStreet

• 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 price	1283.6
Today Daily Change	4.49
Today Daily Change %	0.35
Today daily open	1279.11

Trends
Daily SMA20	1285.77
Daily SMA50	1299.81
Daily SMA100	1292.5
Daily SMA200	1251.97

Levels
Previous Daily High	1286.85
Previous Daily Low	1278.18
Previous Weekly High	1288.75
Previous Weekly Low	1265.6
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1281.49
Daily Fibonacci 61.8%	1283.54
Daily Pivot Point S1	1275.91
Daily Pivot Point S2	1272.71
Daily Pivot Point S3	1267.24
Daily Pivot Point R1	1284.58
Daily Pivot Point R2	1290.05
Daily Pivot Point R3	1293.25

Author

Haresh Menghani

FXStreet

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

GBP/USD off highs, back to 1.3620

GBP/USD remains slightly on the defensive at the end of the week, receding to the low 1.3600s after hitting fresh tops past 1.3670 earlier in the day. Cable’s correction comes after two daily gains in a row and amid a tepid advance in the Greenback, while poor UK data also accompany the downside.

EUR/USD treads water below 1.1700

EUR/USD now trades with modest losses around 1.1670 following another unsuccessful atempt to advance past 1.1700 the figure in a convincing fashion. The pair’s decline follows a maginal rebound in the US Dollar as market participants continue to assess recent US data as well as developments from the US bond market.

Gold trims gains, recedes to the sub-$4,600 area

Gold rapidly leaves behind Thursday’s inconclusive price action and advances markedly on Friday, briefly surpassing the $4,600 mark per troy ounce to hit three-month peaks. Meanwhile, the precious metal’s solid performance comes despite marginal gains in the buck coupled with another day of rising US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP bulls accelerate rally amid rising ETF inflows

The cryptocurrency market remains bullish on Friday, led by Bitcoin’s surge above $77,000. Altcoins, including Ethereum and Ripple, mirror BTC’s positive outlook, trading near $2,400 and $1.35, respectively.

Week ahead – Fed’s Jackson Hole and Nvidia earnings to dictate markets

Kevin Warsh to make his Jackson Hole debut amid confusing messaging. But a major hawkish surprise unlikely after bond market intervention. Nvidia earnings to also determine market direction as stock rally cools.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.