Gold technical analysis: Set-up remains in favour of bullish traders, dip-buying to help the downside


  • Gold failed to capitalize on the early uptick to weekly tops and dropped to fresh session tops in reaction to hotter-than-expected US core CPI print.
  • Weakness below 23.6% Fibo. level of this week's up-move from the $1385 region to $1419 area was seen as a key trigger for intraday bearish traders. 

However, the intraday downtick managed to find some support near 38.2% Fibo., which should now act as a key pivotal point for the precious metal's next leg of any meaningful intraday momentum.

Meanwhile, the occurrence of a Golden Cross on the 1-hourly chart - 50-hour SMA crossing above 200-hour SMA, remains tilted in favour of bullish traders and support prospects for a further appreciating move. 

Moreover, technical indicators on hourly/daily charts have managed to hold in the positive territory, further reinforcing the constructive outlook and suggesting some dip-buying interest at lower levels.

Hence, any subsequent slide below daily lows is more likely to remain limited and attract some fresh buying near the $1407 confluence region - comprising of 50-hour SMA and 50% Fibo. level.

Gold 1-hourly chart

XAU/USD

Overview
Today last price 1415.68
Today Daily Change -3.28
Today Daily Change % -0.23
Today daily open 1418.96
 
Trends
Daily SMA20 1356.57
Daily SMA50 1311.69
Daily SMA100 1308.19
Daily SMA200 1277.51
Levels
Previous Daily High 1419
Previous Daily Low 1390.08
Previous Weekly High 1436.2
Previous Weekly Low 1382.02
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1407.95
Daily Fibonacci 61.8% 1401.12
Daily Pivot Point S1 1399.69
Daily Pivot Point S2 1380.42
Daily Pivot Point S3 1370.76
Daily Pivot Point R1 1428.62
Daily Pivot Point R2 1438.27
Daily Pivot Point R3 1457.54

 

 

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