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Gold Technical Analysis: Set-up points to an extension of the near-term positive momentum

Haresh Menghani FXStreet

• The precious metal built on last week's bullish breakthrough near two-month-old trading range, albeit now seemed facing some resistance near 50% Fibonacci retracement level of the $1309.30-$1160.19 downfall.

• Given that technical indicators on the daily chart have started gaining positive momentum, a follow-through move beyond 100-day SMA, for the first time since late-April, support prospects for additional near-term gains.

• A convincing break through the above-mentioned resistance will reinforce the constructive outlook and pave the way for an extension of the near-term positive momentum towards testing 61.8% Fibo. retracement level.

Gold daily chart

XAU/USD

Overview:
    Last Price: 1229.7
    Daily change: 2.9e+2 pips
    Daily change: 0.233%
    Daily Open: 1226.84
Trends:
    Daily SMA20: 1201.82
    Daily SMA50: 1200.6
    Daily SMA100: 1209.11
    Daily SMA200: 1256.42
Levels:
    Daily High: 1233.3
    Daily Low: 1216.56
    Weekly High: 1226.4
    Weekly Low: 1182.54
    Monthly High: 1226.4
    Monthly Low: 1180.63
    Daily Fibonacci 38.2%: 1226.9
    Daily Fibonacci 61.8%: 1222.95
    Daily Pivot Point S1: 1217.83
    Daily Pivot Point S2: 1208.82
    Daily Pivot Point S3: 1201.08
    Daily Pivot Point R1: 1234.57
    Daily Pivot Point R2: 1242.31
    Daily Pivot Point R3: 1251.32

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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