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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

XAU/USD

Overview:
    Today Last Price: 1241
    Today Daily change: 2.5e+2 pips
    Today Daily change %: 0.205%
    Today Daily Open: 1238.46
Trends:
    Previous Daily SMA20: 1231.6
    Previous Daily SMA50: 1226.21
    Previous Daily SMA100: 1213.59
    Previous Daily SMA200: 1231.25
Levels:
    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

 

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