Gold Technical Analysis: Bulls remain in control, now targeting 50% Fibo. resistance around $1313 area
• The precious metal built on its recent bullish trajectory from six-week lows and continued gaining traction on Wednesday, marking the third day of positive momentum in the previous four.
• The overnight sustained move above a confluence resistance - comprising of 200-hour SMA and 23.6% Fibo. level of the $1347-$1280 recent downfall was seen as a key trigger for bullish traders.
• The fact that the commodity has found acceptance above 38.2% Fibo. level support prospects for further up-move, though slightly overbought conditions on hourly charts might cap gains.
• Meanwhile, oscillators on the daily chart have just started gaining positive momentum and might prompt dip-buying interest for a move towards 50% Fibo. level around the $1313-14 region.
XAU/USD
Overview: Today Last Price: 1308.16 Today Daily change %: 0.53% Today Daily Open: 1301.3Trends: Daily SMA20: 1311.59 Daily SMA50: 1303.15 Daily SMA100: 1269.06 Daily SMA200: 1238.14Levels: Previous Daily High: 1302.15 Previous Daily Low: 1292.97 Previous Weekly High: 1300.7 Previous Weekly Low: 1280.1 Previous Monthly High: 1346.85 Previous Monthly Low: 1300.1 Daily Fibonacci 38.2%: 1298.64 Daily Fibonacci 61.8%: 1296.48 Daily Pivot Point S1: 1295.46 Daily Pivot Point S2: 1289.63 Daily Pivot Point S3: 1286.28 Daily Pivot Point R1: 1304.64 Daily Pivot Point R2: 1307.99 Daily Pivot Point R3: 1313.82
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