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.
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