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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


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