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Gold Technical Analysis: Potential target at $1285

  • The yellow metal jumped today, after making a clear break of the key technical resistance area of $1250. It is consolidating on top, a scenario that would open the doors to more gains in the coming weeks. So far, it gained more than $10 after breaking $1250; it peaked at $1265. 
  • Short-term technical indicators are about to show extreme overbought readings. Still, the bias points to further gains. Ahead of the Asian session, the momentum remains strong despite the extension of the rally.
  • As long as it holds on top of $1250, the upside scenario would be favored. The immediate resistance is located at $1270. 
  • The potential target of the current move to the upside is $1285, the 61.8% Fibonacci retracement of the decline from $1360 to $1160 and also a horizontal level. A decline below $1240 would invalidate the bullish outlook. 

XAU/USD Daily chart

XAU/USD

XAU/USD

Overview:
    Today Last Price: 1264.37
    Today Daily change: 2.2e+3 pips
    Today Daily change %: 1.79%
    Today Daily Open: 1242.09
Trends:
    Previous Daily SMA20: 1234.92
    Previous Daily SMA50: 1227.49
    Previous Daily SMA100: 1214.78
    Previous Daily SMA200: 1230.55
Levels:
    Previous Daily High: 1258.1
    Previous Daily Low: 1241.9
    Previous Weekly High: 1250.85
    Previous Weekly Low: 1233
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1248.09
    Previous Daily Fibonacci 61.8%: 1251.91
    Previous Daily Pivot Point S1: 1236.63
    Previous Daily Pivot Point S2: 1231.16
    Previous Daily Pivot Point S3: 1220.43
    Previous Daily Pivot Point R1: 1252.83
    Previous Daily Pivot Point R2: 1263.56
    Previous Daily Pivot Point R3: 1269.03

 

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