- 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
|Today last price||1415.68|
|Today Daily Change||-3.28|
|Today Daily Change %||-0.23|
|Today daily open||1418.96|
|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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