Gold Technical Analysis: Set-up favors an extension of the intraday positive move

Haresh Menghani FXStreet

• A fresh wave of global risk-aversion trade helped the precious metal staged a goodish bounce on Thursday and recover around 50% of the overnight slide to 1-1/2 week lows.

• The momentum lifted the commodity through 23.6% Fibo. level of the $1346-$1317 recent downfall, with bulls now eyeing a further appreciating move towards 100-hour SMA.

• Technical indicators on the 1-hourly chart have just started gaining positive traction and maintained their bullish bias on the daily chart, supporting prospects for additional gains.

• The set-up points to an extension of the positive momentum towards testing 38.2% Fibo. level resistance, around the $1328-30 region ahead of the Q4 US GDP figures.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1324.87
    Today Daily change %: 0.36%
    Today Daily Open: 1320.1
Trends:
    Daily SMA20: 1320.01
    Daily SMA50: 1299.06
    Daily SMA100: 1263.27
    Daily SMA200: 1235.57
Levels:
    Previous Daily High: 1330.15
    Previous Daily Low: 1317.05
    Previous Weekly High: 1346.85
    Previous Weekly Low: 1320.72
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1322.05
    Daily Fibonacci 61.8%: 1325.15
    Daily Pivot Point S1: 1314.72
    Daily Pivot Point S2: 1309.33
    Daily Pivot Point S3: 1301.62
    Daily Pivot Point R1: 1327.82
    Daily Pivot Point R2: 1335.53
    Daily Pivot Point R3: 1340.92

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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