Gold Technical Analysis: Bulls likely to remain cautious below $1300 mark
• The precious metal stalled its post-NFP sharp retracement slide from 6-1/2 month tops and managed to find decent buying interest near 200-hour SMA.
• A subsequent move beyond 100-hour SMA was seen as a key trigger for bullish traders, with the commodity now trying to form a base above 50-hour SMA.
• Technical indicators on the 1-hourly chart have flattened out but are still holding in the positive territory and also maintained their bullish bias on 4-hourly/daily charts.
• The set-up support prospects for the resumption of the prior appreciating move, though last week's bearish breakthrough an ascending channel warrants caution.
• Hence, it would be prudent to wait for a strong follow-through buying, possible a sustained move beyond the $1300 handle, before positioning for any further up-move.
Gold 1-hourly chart
Today Last Price: 1291.68
Today Daily change: 6.7e+2 pips
Today Daily change %: 0.517%
Today Daily Open: 1285.03
Previous Daily SMA20: 1262.86
Previous Daily SMA50: 1238.88
Previous Daily SMA100: 1224.07
Previous Daily SMA200: 1229.19
Previous Daily High: 1298.42
Previous Daily Low: 1276.82
Previous Weekly High: 1298.42
Previous Weekly Low: 1276.82
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Previous Daily Fibonacci 38.2%: 1285.07
Previous Daily Fibonacci 61.8%: 1290.17
Previous Daily Pivot Point S1: 1275.09
Previous Daily Pivot Point S2: 1265.15
Previous Daily Pivot Point S3: 1253.48
Previous Daily Pivot Point R1: 1296.69
Previous Daily Pivot Point R2: 1308.36
Previous Daily Pivot Point R3: 1318.3