Gold Technical Analysis: Gearing up for a move towards recent swing highs, around $1313 area
• After an Asian session dip to $1298, the precious metal regained positive traction and was seen building on Friday's goodish bounce from 200-hour SMA.
• Currently hovering around 23.6% Fibo. level of the $1280-$1313 recent up-move, bullish oscillators on the 1-hourly chart support prospects for further gains.
• Meanwhile, technical indicators on 4-hourly/daily charts are also catching up with the positive momentum and add credence to the constructive set-up.
• Hence, any dips to the $1300 psychological mark might be seen as a buying opportunity for a move back towards the recent swing highs, around the $1313 region.
Gold 1-hourly chart
-636885069783134049.png)
XAU/USD
Overview:
Today Last Price: 1305.23
Today Daily change %: 0.24%
Today Daily Open: 1302.16
Trends:
Daily SMA20: 1310
Daily SMA50: 1304.05
Daily SMA100: 1271.46
Daily SMA200: 1239.2
Levels:
Previous Daily High: 1306.45
Previous Daily Low: 1294.1
Previous Weekly High: 1313.3
Previous Weekly Low: 1290.6
Previous Monthly High: 1346.85
Previous Monthly Low: 1300.1
Daily Fibonacci 38.2%: 1301.73
Daily Fibonacci 61.8%: 1298.82
Daily Pivot Point S1: 1295.35
Daily Pivot Point S2: 1288.55
Daily Pivot Point S3: 1283
Daily Pivot Point R1: 1307.7
Daily Pivot Point R2: 1313.25
Daily Pivot Point R3: 1320.05