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


   •  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

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD shakes above 1.18 after upbeat US retail sales

EUR/USD is trading above 1.18 after US retail sales missed with 1.2% in July but on top of upward revisions and alongside robust core increases. Consumer sentiment for August is awaited.

EUR/USD News

GBP/USD trades above 1.3050 ahead of more reopening steps

GBP/USD is trading above 1.3050, off the lows. The UK is set to ease some restrictions over the weekend, extending its gradual exit from lockdown. The US dollar is taking a break after gaining and ahead of retail sales. 

GBP/USD News

Gold trades with modest losses, below $1950 level

Gold traded with a mild negative bias through the early European session and was last seen hovering near the lower end of its daily range, around the $1945 region.

Gold News

Ethereum knocks out King Bitcoin

Ethereum exploded in the final hours of the American session yesterday, dealing a significant blow in its particular battle against Bitcoin. Technical analysis in previous days had shown the possibility of a bullish extension move.

Read more

WTI drops to $42 amid poor Chinese data led risk-aversion

WTI (futures on Nymex) has come under fresh selling pressure and attacks the $42 level, as risk-aversion seeps into the European session and diminishes the demand for the higher-yielding assets such as oil.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures