Gold Technical Analysis: Spikes to over 1-week tops to test a previous support break-point

Haresh Menghani FXStreet

• The precious metal continued gaining positive traction for the second consecutive session on Thursday and spiked to over one-week highs, beyond $1280 level in the last hour.

• A modest intraday USD pull-back from near two year tops turned out to be one of the key factors underpinning the dollar-denominated commodity and fueling the recovery move.

• A sustained move above 200-hour SMA - for the first time in around two weeks, was seen as a key trigger for bullish traders and support prospects for additional intraday gains.

• Technical indicators on hourly charts have been gaining positive traction and further add credence to the constructive outlook, though bearish oscillators on the daily chart warrant caution.

• Hence, it would be prudent to wait for a sustained move back above the previous horizontal support break-point, now turned resistance before positioning for any further positive move.

Gold 1-hourly chart

XAU/USD

Overview
Today last price	1281.56
Today Daily Change	7.04
Today Daily Change %	0.55
Today daily open	1274.52

Trends
Daily SMA20	1288.21
Daily SMA50	1301.73
Daily SMA100	1291.31
Daily SMA200	1250.6

Levels
Previous Daily High	1278.51
Previous Daily Low	1265.6
Previous Weekly High	1292.05
Previous Weekly Low	1271.1
Previous Monthly High	1327.8
Previous Monthly Low	1280.1
Daily Fibonacci 38.2%	1273.58
Daily Fibonacci 61.8%	1270.53
Daily Pivot Point S1	1267.24
Daily Pivot Point S2	1259.96
Daily Pivot Point S3	1254.33
Daily Pivot Point R1	1280.15
Daily Pivot Point R2	1285.79
Daily Pivot Point R3	1293.06

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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