OctaFX | OctaFX Forex Broker
Open trading account
Back

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

XAU/USD

Overview:
    Today Last Price: 1291.68
    Today Daily change: 6.7e+2 pips
    Today Daily change %: 0.517%
    Today Daily Open: 1285.03
Trends:
    Previous Daily SMA20: 1262.86
    Previous Daily SMA50: 1238.88
    Previous Daily SMA100: 1224.07
    Previous Daily SMA200: 1229.19
Levels:
    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

 

Eurozone: Retail sales grew by 0.6% in November - ING

Bert Colijn, senior economist at ING, note that Eurozone’s retail sales grew by 0.6% month-on-month in November, the same pace as in October. Key Quo
Read more Previous

USD/CHF slumps to fresh 5-day lows near 0.98 amid broad-based USD weakness

With the greenback starting the week on the back foot, the USD/CHF pair suffered losses and slumped to its lowest level since January 2 at 0.9810. As
Read more Next
Start livechat