Gold Technical Analysis: Corrective bounce likely
Gold could see a corrective bounce above $1,290, as the 4-hour chart is showing signs of bearish exhaustion.
4-hour chart
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Multiple long-tailed candles near $1,280 support indicate seller exhaustion. That coupled with a bullish divergence (higher lows on the RSI) indicate scope for a corrective move higher to descending 10-day MA, currently located at $1,300.
The probability of a corrective bounce, however, would drop sharply if the immediate support at $1,280 is breached.
Trend: oversold bounce likely
XAU/USD
Overview: Today Last Price: 1286.54 Today Daily change: 0.60 pips Today Daily change %: 0.05% Today Daily Open: 1285.94Trends: Daily SMA20: 1313.53 Daily SMA50: 1302.15 Daily SMA100: 1267.1 Daily SMA200: 1237.06Levels: Previous Daily High: 1288.97 Previous Daily Low: 1281.28 Previous Weekly High: 1332.58 Previous Weekly Low: 1290.3 Previous Monthly High: 1346.85 Previous Monthly Low: 1300.1 Daily Fibonacci 38.2%: 1284.22 Daily Fibonacci 61.8%: 1286.04 Daily Pivot Point S1: 1281.82 Daily Pivot Point S2: 1277.7 Daily Pivot Point S3: 1274.13 Daily Pivot Point R1: 1289.52 Daily Pivot Point R2: 1293.09 Daily Pivot Point R3: 1297.21
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