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
Today Last Price: 1291.61
Today Daily change: -3.2e+2 pips
Today Daily change %: -0.244%
Today Daily Open: 1294.77
Previous Daily SMA20: 1261.04
Previous Daily SMA50: 1237.48
Previous Daily SMA100: 1223.18
Previous Daily SMA200: 1229.23
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