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Gold Technical Analysis: Poised to challenge 200-day SMA, around $1254-55 region

   •  The precious metal built on the overnight bullish breakthrough a one-week-old descending trend-line resistance and jumped to one-week tops on Tuesday. 

   •  However, slightly overbought conditions on the 1-hourly chart kept a lid on any strong follow-through, rather prompted some profit-taking at higher levels. 

   •  Meanwhile, technical indicators on 4-hourly/daily charts maintain their bullish bias and support prospects for an extension of the near-term positive momentum.

   •  Moreover, the fact that the commodity remains well above important intraday moving averages - 50, 100 & 200-hour SMA, further reinforce the bullish outlook.

Gold 1-hourly chart

   •  Hence, a move towards challenging the very important 200-day SMA, also coinciding with 61.8% Fibo. level of mid-May to mid-Aug. downfall, looks a distinct possibility.

Daily chart


    Today Last Price: 1247.2
    Today Daily change: 94 pips
    Today Daily change %: 0.0754%
    Today Daily Open: 1246.26
    Previous Daily SMA20: 1232.71
    Previous Daily SMA50: 1226.69
    Previous Daily SMA100: 1213.94
    Previous Daily SMA200: 1231.02
    Previous Daily High: 1248.18
    Previous Daily Low: 1235.85
    Previous Weekly High: 1250.85
    Previous Weekly Low: 1233
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1243.47
    Previous Daily Fibonacci 61.8%: 1240.56
    Previous Daily Pivot Point S1: 1238.68
    Previous Daily Pivot Point S2: 1231.1
    Previous Daily Pivot Point S3: 1226.35
    Previous Daily Pivot Point R1: 1251.01
    Previous Daily Pivot Point R2: 1255.76
    Previous Daily Pivot Point R3: 1263.34


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