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Gold Technical Analysis: Set-up points to additional near-term gains amid risk-off mood

   •  Over the past one week or so, the precious metal has been scaling higher along a short-term ascending trend-channel formation on the 1-hourly chart.

   •  The fact that the commodity is holding above important intraday moving averages - 50, 100 & 200-hour SMAs, support prospects for further up-move.

   •  Bullish technical indicators on hourly charts add credence to the bullish outlook, though slightly overbought conditions on the daily chart might cap gains.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1288.24
    Today Daily change: 5.3e+2 pips
    Today Daily change %: 0.410%
    Today Daily Open: 1282.98
Trends:
    Previous Daily SMA20: 1258.21
    Previous Daily SMA50: 1236.05
    Previous Daily SMA100: 1222.19
    Previous Daily SMA200: 1229.22
Levels:
    Previous Daily High: 1288.7
    Previous Daily Low: 1278.8
    Previous Weekly High: 1284.7
    Previous Weekly Low: 1258.1
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1284.92
    Previous Daily Fibonacci 61.8%: 1282.58
    Previous Daily Pivot Point S1: 1278.29
    Previous Daily Pivot Point S2: 1273.59
    Previous Daily Pivot Point S3: 1268.39
    Previous Daily Pivot Point R1: 1288.19
    Previous Daily Pivot Point R2: 1293.4
    Previous Daily Pivot Point R3: 1298.09

 

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