Gold Technical Analysis: Set-up remains in favor of bullish traders, likely to target a move beyond $1330 level

Haresh Menghani FXStreet

• The precious metal struggled to capitalize on the early positive move to three-week tops and started retreating from a resistance marked by 61.8% Fibonacci retracement level of the $1347-$1281 recent slide.

• However, given the overnight sustained break through 200-period SMA on the 4-hourly chart, bullish technical indicators on hourly/daily charts support prospects for an extension of the near-term positive move.

• Moreover, the fact that the intraday downtick remains supported near 50% Fibonacci retracement level add credence to the constructive outlook and should attract dip-buying near the mentioned resistance break-point.

• Meanwhile, a convincing break through 61.8% hurdle, near the $1321-22 region, would set the stage for the commodity’s further appreciating move towards $1326-27 intermediate zone en-route $1332-33 resistance.

Gold 4-hourly chart

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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