Gold Technical Analysis: Set-up points to an extension of the near-term positive momentum

   •  The precious metal built on last week's bullish breakthrough near two-month-old trading range, albeit now seemed facing some resistance near 50% Fibonacci retracement level of the $1309.30-$1160.19 downfall.

   •  Given that technical indicators on the daily chart have started gaining positive momentum, a follow-through move beyond 100-day SMA, for the first time since late-April, support prospects for additional near-term gains. 

   •  A convincing break through the above-mentioned resistance will reinforce the constructive outlook and pave the way for an extension of the near-term positive momentum towards testing 61.8% Fibo. retracement level. 

Gold daily chart

XAU/USD

Overview:    Last Price: 1229.7    Daily change: 2.9e+2 pips    Daily change: 0.233%    Daily Open: 1226.84Trends:    Daily SMA20: 1201.82    Daily SMA50: 1200.6    Daily SMA100: 1209.11    Daily SMA200: 1256.42Levels:    Daily High: 1233.3    Daily Low: 1216.56    Weekly High: 1226.4    Weekly Low: 1182.54    Monthly High: 1226.4    Monthly Low: 1180.63    Daily Fibonacci 38.2%: 1226.9    Daily Fibonacci 61.8%: 1222.95    Daily Pivot Point S1: 1217.83    Daily Pivot Point S2: 1208.82    Daily Pivot Point S3: 1201.08    Daily Pivot Point R1: 1234.57    Daily Pivot Point R2: 1242.31    Daily Pivot Point R3: 1251.32

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