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.

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