Gold Technical Analysis: Bulls gearing up for a move beyond Thursday’s near 5-month tops
• The commodity has been steadily climbing alongside an ascending trend-channel formation on intraday charts and is currently placed at the middle of its daily trading range.
Gold 15-mins chart
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• On the 1-hourly chart, the downside remains supported by a short-term ascending trend-line and the metal has managed to hold comfortably above intraday moving averages.
• Technical indicators on hourly/daily chart maintained their near-term bullish bias and support prospects for a move beyond near five-month tops set in the previous session.
• Only a convincing breakthrough the ascending trend-line support, leading to a subsequent weakness below 100-hour SMA might negate the near-term constructive outlook.
Hourly chart
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XAU/USD
Overview:
Today Last Price: 1240.16
Today Daily change: 2.0e+2 pips
Today Daily change %: 0.160%
Today Daily Open: 1238.18
Trends:
Previous Daily SMA20: 1221.84
Previous Daily SMA50: 1223.52
Previous Daily SMA100: 1210.9
Previous Daily SMA200: 1232.92
Levels:
Previous Daily High: 1244.35
Previous Daily Low: 1232.8
Previous Weekly High: 1231.8
Previous Weekly Low: 1211.2
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1239.94
Previous Daily Fibonacci 61.8%: 1237.21
Previous Daily Pivot Point S1: 1232.54
Previous Daily Pivot Point S2: 1226.89
Previous Daily Pivot Point S3: 1220.99
Previous Daily Pivot Point R1: 1244.09
Previous Daily Pivot Point R2: 1249.99
Previous Daily Pivot Point R3: 1255.64