OctaFX | OctaFX Forex Broker
Open trading account

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


China Press: PBOC decides to accelerate capital market reform

China’s Economic Information Daily reported the latest statement out on the People’s Bank of China’s (PBOC) website on Friday, citing that the Chinese
Read more Previous

Japan Vice FinMin Okamoto expects BoJ to examine options and act as appropriate

More comments are crossing the wires from the Japanese Vice Finance Minister Okamoto, this time on the Bank of Japan (BoJ) monetary policy. Expects B
Read more Next
Start livechat