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Gold Technical Analysis: Corrective slide finds support at 50-hour SMA ahead of NFP

   •  Despite an early uptick to fresh 6-1/2 month tops, the precious metal failed to sustain/build on its bullish break-though a short-term ascending trend-channel.

   •  The corrective slide, however, now seems to have found some support near 50-hour SMA, which has been acting as a key support over the past three weeks or so.

   •  Any subsequent slide is likely to show some resilience near a confluence region, comprising of 100-hour SMA and the ascending trend-channel support.

   •  Technical indicators on hourly charts have been losing positive momentum and are still pointing to slightly overbought conditions on the daily chart.

   •  Hence, a sustained weakness below the mentioned support might turn today's uptick as a false breakout and prompt some aggressive long-unwinding trade.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1291.61
    Today Daily change: -3.2e+2 pips
    Today Daily change %: -0.244%
    Today Daily Open: 1294.77
Trends:
    Previous Daily SMA20: 1261.04
    Previous Daily SMA50: 1237.48
    Previous Daily SMA100: 1223.18
    Previous Daily SMA200: 1229.23
Levels:
    Previous Daily High: 1294.77
    Previous Daily Low: 1282.44
    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%: 1290.06
    Previous Daily Fibonacci 61.8%: 1287.15
    Previous Daily Pivot Point S1: 1286.55
    Previous Daily Pivot Point S2: 1278.33
    Previous Daily Pivot Point S3: 1274.22
    Previous Daily Pivot Point R1: 1298.88
    Previous Daily Pivot Point R2: 1302.99
    Previous Daily Pivot Point R3: 1311.21

 

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