Gold Technical Analysis: Set-up points to more gains in the near-term
• The precious metal trimmed a part of its daily gains to $1250 area and is currently placed at the lower end of an intraday ascending trend-channel formation.
Gold 15-mins. chart
• Looking at a slightly higher time-frame (1-hourly chart), the commodity has been showing resilience below 50-hour SMA and near a short-term ascending trend-line.
• Technical indicators on hourly/daily charts have been losing positive momentum but maintained their bullish bias, pointing to some meaningful dip-buying interest.
• Hence, it would be prudent to wait for a convincing breakthrough the mentioned trend-line before confirming that a near-term top has already been formed near $1250.
Today Last Price: 1247.9
Today Daily change: 3.6e+2 pips
Today Daily change %: 0.286%
Today Daily Open: 1244.34
Previous Daily SMA20: 1226.37
Previous Daily SMA50: 1224.54
Previous Daily SMA100: 1211.92
Previous Daily SMA200: 1232.22
Previous Daily High: 1250.85
Previous Daily Low: 1241.8
Previous Weekly High: 1250.1
Previous Weekly Low: 1221.39
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1245.26
Previous Daily Fibonacci 61.8%: 1247.39
Previous Daily Pivot Point S1: 1240.48
Previous Daily Pivot Point S2: 1236.62
Previous Daily Pivot Point S3: 1231.43
Previous Daily Pivot Point R1: 1249.53
Previous Daily Pivot Point R2: 1254.71
Previous Daily Pivot Point R3: 1258.58