Gold Technical Analysis: Set-up points to additional gains, bulls await a decisive move beyond $1300 mark
• The precious metal stalled its positive momentum, triggered by dovish FOMC meeting minutes and once again failed ahead of the key $1300 mark amid a modest USD rebound.
• Given the overnight bullish break-though a short-term descending trend-line, now coinciding with 100-hour SMA, any meaningful retracement might be seen as a buying opportunity.
• Bullish technical indicators on hourly/daily charts add credence to the constructive set-up and support prospects for further near-term appreciating move for the yellow metal.
• Today's scheduled speeches by influential FOMC member might provide the required catalyst and prompt some aggressive technical buying beyond the mentioned $1300 barrier.
Gold 1-hourly chart
Today Last Price: 1293.1
Today Daily change: -48 pips
Today Daily change %: -0.0371%
Today Daily Open: 1293.58
Previous Daily SMA20: 1269.6
Previous Daily SMA50: 1242.3
Previous Daily SMA100: 1226.7
Previous Daily SMA200: 1229.12
Previous Daily High: 1293.95
Previous Daily Low: 1280.29
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%: 1288.73
Previous Daily Fibonacci 61.8%: 1285.51
Previous Daily Pivot Point S1: 1284.6
Previous Daily Pivot Point S2: 1275.61
Previous Daily Pivot Point S3: 1270.94
Previous Daily Pivot Point R1: 1298.26
Previous Daily Pivot Point R2: 1302.94
Previous Daily Pivot Point R3: 1311.92