Gold Technical Analysis: Path of least resistance is on the upside, sustained move beyond 100-hour SMA awaited
• The precious metal extended its sideways consolidative price action and remained capped below 100-hour SMA for the third consecutive session.
• Technical indicators on hourly charts have just started gaining positive momentum, albeit modestly, and maintained their bullish bias on the daily chart.
• The constructive set-up is further reinforced by an upward sloping trend-line, which has been limiting any downticks since the beginning of this week.
• Hence, the path of least resistance is on the upside, though bulls are likely to wait for a sustained move beyond 100-hour SMA before placing aggressive bets.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1315.2
Today Daily change %: -0.00%
Today Daily Open: 1315.26
Trends:
Daily SMA20: 1296.91
Daily SMA50: 1272.58
Daily SMA100: 1245.75
Daily SMA200: 1230.24
Levels:
Previous Daily High: 1316.85
Previous Daily Low: 1310.1
Previous Weekly High: 1326.25
Previous Weekly Low: 1297.8
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1314.27
Daily Fibonacci 61.8%: 1312.68
Daily Pivot Point S1: 1311.29
Daily Pivot Point S2: 1307.32
Daily Pivot Point S3: 1304.54
Daily Pivot Point R1: 1318.04
Daily Pivot Point R2: 1320.82
Daily Pivot Point R3: 1324.79