Gold Technical Analysis: Poised to retest ascending trend-channel resistance near $1270 area
• The precious metal's corrective slide on Friday, from near six month tops, stalled ahead of an important confluence resistance break-point now turned support.
• The mentioned support comprises of the very important 200-day SMA and 61.8% Fibonacci retracement level of the $1309.30-$1160.19 mid-June to mid-August downfall.
Gold daily chart
• Meanwhile, the recent upsurge over the past four weeks has been along a short-term ascending trend-channel and the price action reaffirms last week's bullish breakout.
• Bullish technical indicators on the daily chart are still far from being in the oversold territory and thus, support prospects for an extension of the bullish momentum.
• The up-move, however, is likely to take a brief pause near the trend-channel resistance, currently near the $1270 region, amid year-end thin liquidity conditions.
Today Last Price: 1264.51
Today Daily change: 9.0e+2 pips
Today Daily change %: 0.714%
Today Daily Open: 1255.54
Previous Daily SMA20: 1238.25
Previous Daily SMA50: 1228.78
Previous Daily SMA100: 1215.94
Previous Daily SMA200: 1230.21
Previous Daily High: 1266.8
Previous Daily Low: 1254.1
Previous Weekly High: 1266.8
Previous Weekly Low: 1235.85
Previous Monthly High: 1237.4
Previous Monthly Low: 1196.4
Previous Daily Fibonacci 38.2%: 1258.95
Previous Daily Fibonacci 61.8%: 1261.95
Previous Daily Pivot Point S1: 1250.82
Previous Daily Pivot Point S2: 1246.11
Previous Daily Pivot Point S3: 1238.12
Previous Daily Pivot Point R1: 1263.52
Previous Daily Pivot Point R2: 1271.51
Previous Daily Pivot Point R3: 1276.22