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
Today Last Price: 1260.77
Today Daily change: -9.0 pips
Today Daily change %: -0.00714%
Today Daily Open: 1260.86
Previous Daily SMA20: 1236.62
Previous Daily SMA50: 1228.2
Previous Daily SMA100: 1215.4
Previous Daily SMA200: 1230.39
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