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Gold Technical Analysis: Overnight bullish breakthrough 200-DMA pauses near trend-channel resistance

   •  The precious metal's recent upsurge over the past 3-1/2 week has been along a short-term ascending trend-channel, with bulls taking a brief pause near the channel resistance.

   •  Given that technical indicators have been gaining positive traction and are still far from being oversold, the commodity seems all set to extend the ongoing bullish momentum. 

   •  Moreover, the overnight sustained break through the very important 200-day SMA, for the first time since May, further reinforce prospects for near-term appreciating move.

   •  Hence, any meaningful dips, towards 200-DMA resistance turned support, currently near the $1242, would be seen as a buying opportunity and should limit any immediate slide. 
 

Gold 4-hourly chart

XAU/USD

Overview:
    Today Last Price: 1260.77
    Today Daily change: -9.0 pips
    Today Daily change %: -0.00714%
    Today Daily Open: 1260.86
Trends:
    Previous Daily SMA20: 1236.62
    Previous Daily SMA50: 1228.2
    Previous Daily SMA100: 1215.4
    Previous Daily SMA200: 1230.39
Levels:
    Previous Daily High: 1266.5
    Previous Daily Low: 1241.8
    Previous Weekly High: 1250.85
    Previous Weekly Low: 1233
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1257.06
    Previous Daily Fibonacci 61.8%: 1251.24
    Previous Daily Pivot Point S1: 1246.27
    Previous Daily Pivot Point S2: 1231.69
    Previous Daily Pivot Point S3: 1221.57
    Previous Daily Pivot Point R1: 1270.97
    Previous Daily Pivot Point R2: 1281.09
    Previous Daily Pivot Point R3: 1295.67

 

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