Gold Technical Analysis: Intraday up-move tests 200-hour SMA/50% retracement confluence hurdle
• The precious metal built on its steady intraday climb and extended the positive momentum further beyond $1240 confluence resistance to hit fresh session tops in the last hour.
• Move beyond the mentioned barrier - comprising of 50-hour SMA and 38.2% Fibonacci retracement level of last week's corrective slide, triggered the latest leg of a sudden spike.
• Bulls, however, failed to capitalize on the up-move and struggled to make it through another confluence hurdle, comprising of 200-hour SMA and 50% Fibonacci retracement level.
• Hence, it would be prudent to wait for a strong follow-through buying before traders start positioning for any further near-term up-move ahead of the latest FOMC monetary policy update.
Gold 1-hourly chart
Today Last Price: 1241
Today Daily change: 2.5e+2 pips
Today Daily change %: 0.205%
Today Daily Open: 1238.46
Previous Daily SMA20: 1231.6
Previous Daily SMA50: 1226.21
Previous Daily SMA100: 1213.59
Previous Daily SMA200: 1231.25
Previous Daily High: 1243.19
Previous Daily Low: 1233
Previous Weekly High: 1250.85
Previous Weekly Low: 1233
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1236.89
Previous Daily Fibonacci 61.8%: 1239.3
Previous Daily Pivot Point S1: 1233.24
Previous Daily Pivot Point S2: 1228.02
Previous Daily Pivot Point S3: 1223.05
Previous Daily Pivot Point R1: 1243.43
Previous Daily Pivot Point R2: 1248.4
Previous Daily Pivot Point R3: 1253.62