Gold Technical Analysis: Set-up points to more gains in the near-term

   •  The precious metal trimmed a part of its daily gains to $1250 area and is currently placed at the lower end of an intraday ascending trend-channel formation. 

Gold 15-mins. chart

   •  Looking at a slightly higher time-frame (1-hourly chart), the commodity has been showing resilience below 50-hour SMA and near a short-term ascending trend-line.

1-hourly chart

   •  Technical indicators on hourly/daily charts have been losing positive momentum but maintained their bullish bias, pointing to some meaningful dip-buying interest.

   •  Hence, it would be prudent to wait for a convincing breakthrough the mentioned trend-line before confirming that a near-term top has already been formed near $1250.

XAU/USD

Overview:    Today Last Price: 1247.9    Today Daily change: 3.6e+2 pips    Today Daily change %: 0.286%    Today Daily Open: 1244.34Trends:    Previous Daily SMA20: 1226.37    Previous Daily SMA50: 1224.54    Previous Daily SMA100: 1211.92    Previous Daily SMA200: 1232.22Levels:    Previous Daily High: 1250.85    Previous Daily Low: 1241.8    Previous Weekly High: 1250.1    Previous Weekly Low: 1221.39    Previous Monthly High: 1237.4    Previous Monthly Low: 1196.4    Previous Daily Fibonacci 38.2%: 1245.26    Previous Daily Fibonacci 61.8%: 1247.39    Previous Daily Pivot Point S1: 1240.48    Previous Daily Pivot Point S2: 1236.62    Previous Daily Pivot Point S3: 1231.43    Previous Daily Pivot Point R1: 1249.53    Previous Daily Pivot Point R2: 1254.71    Previous Daily Pivot Point R3: 1258.58

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.