Gold technical analysis: Remains confined in a one-week-old trading range

Attempted move up struggles to sustain above 200-hour SMA
Set-up warrants some caution before placing aggressive bets.

Haresh Menghani FXStreet

Gold edged higher and refreshed daily tops during the early North-American session, albeit remained well within a broader trading range held over the past one week or so.

The recent range-bound trading action constituted towards the formation of a rectangle on the 1-hourly chart, suggesting indecision over the commodity's near-term direction.

Given that the precious metal has repeated failed to sustain/build on attempted intraday positive moves beyond 200-hour SMA, the set-up seems tilted in favour of bearish traders.

Meanwhile, neutral oscillators on hourly/daily charts haven't been supportive of any firm near-term direction and warrant some caution before placing aggressive bets.

Hence, it will be prudent to wait for a sustained break below the $1476-74 support, below which the fall could get extended towards monthly swing lows – around the $1459 region.

On the flip side, a sustained move beyond the trading range resistance, near the $1496-97 region, should pave the way for a move back towards the $1510-12 heavy supply zone.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1490.46
Today Daily Change	-0.23
Today Daily Change %	-0.02
Today daily open	1490.69

Trends
Daily SMA20	1497.78
Daily SMA50	1506.87
Daily SMA100	1454.62
Daily SMA200	1375.6

Levels
Previous Daily High	1494.15
Previous Daily Low	1485.06
Previous Weekly High	1497.95
Previous Weekly Low	1477.15
Previous Monthly High	1557.03
Previous Monthly Low	1464.61
Daily Fibonacci 38.2%	1488.53
Daily Fibonacci 61.8%	1490.68
Daily Pivot Point S1	1485.78
Daily Pivot Point S2	1480.88
Daily Pivot Point S3	1476.69
Daily Pivot Point R1	1494.87
Daily Pivot Point R2	1499.06
Daily Pivot Point R3	1503.96

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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