Gold Technical Analysis: Bulls likely to remain cautious below 100-hour SMA

   •  Over the past 24-hours or so, the precious metal has been oscillating in a narrow range and consolidating the overnight bearish break through confluence support. 

   •  The mentioned region - comprising of 100-hour SMA and 23.6% Fibo. level of the $1277-$1326 recent upsurge, might now act as a key pivotal point for short-term traders.

   •  Oscillators on the daily chart maintained their bullish bias and have also managed to regain positive traction on hourly charts, pointing to the reemergence of buying interest.

   •  Meanwhile, the range-bound price action constituted towards the formation of a rectangular chart pattern, usually seen a continuation pattern but also marks a significant trend top.

   •  Hence, it would be prudent to wait for a sustained move back above the support turned resistance before traders start repositioning for a fresh leg of an appreciating move.

Gold 1-hourly chart

XAU/USD

Overview:    Today Last Price: 1314.6    Today Daily change %: 0.19%    Today Daily Open: 1312.05Trends:    Daily SMA20: 1295.42    Daily SMA50: 1270.58    Daily SMA100: 1244.57    Daily SMA200: 1230.01Levels:    Previous Daily High: 1319.05    Previous Daily Low: 1308.8    Previous Weekly High: 1326.25    Previous Weekly Low: 1297.8    Previous Monthly High: 1326.25    Previous Monthly Low: 1275.9    Daily Fibonacci 38.2%: 1312.71    Daily Fibonacci 61.8%: 1315.13    Daily Pivot Point S1: 1307.55    Daily Pivot Point S2: 1303.04    Daily Pivot Point S3: 1297.29    Daily Pivot Point R1: 1317.8    Daily Pivot Point R2: 1323.55    Daily Pivot Point R3: 1328.06

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