Gold technical analysis: Set-up points to additional gains, move beyond $1287-89 supply zone awaited

Haresh Menghani FXStreet

• Gold lacked any firm directional bias and seesawed between tepid gains/minor losses through the mid-European trading session on Monday.

• Given Friday's sustained move beyond a flag chart pattern on the 1-hourly chart, technical set-up now seems to have turned in favor of bullish traders.

Moreover, the fact that the commodity is holding comfortably above 200-hour SMA coupled with bullish oscillators on hourly/daily charts further add credence to the constructive outlook and support prospects for an extension of the recent positive momentum.

A sustained move beyond the $1288-89 horizontal zone will reaffirm the bullish bias and prompt some aggressive technical buying, setting the stage for a possible move towards reclaiming the key $1300 psychological mark amid a subdued USD price action.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1285.94
Today Daily Change	1.06
Today Daily Change %	0.08
Today daily open	1284.88

Trends
Daily SMA20	1283.08
Daily SMA50	1289.5
Daily SMA100	1296.6
Daily SMA200	1259.89

Levels
Previous Daily High	1285.3
Previous Daily Low	1280.8
Previous Weekly High	1297.8
Previous Weekly Low	1269.1
Previous Monthly High	1310.7
Previous Monthly Low	1265.6
Daily Fibonacci 38.2%	1283.58
Daily Fibonacci 61.8%	1282.52
Daily Pivot Point S1	1282.02
Daily Pivot Point S2	1279.16
Daily Pivot Point S3	1277.52
Daily Pivot Point R1	1286.52
Daily Pivot Point R2	1288.16
Daily Pivot Point R3	1291.02

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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