Gold Technical Analysis: Descending channel/200-hour SMA confluence region to cap goodish intraday bounce
• The precious metal reversed an early dip to over one-week lows and refreshed session tops, around the $1310 region in the last hour amid reviving safe-haven demand.
• Oversold conditions on the 1-hourly chart triggered the intraday short-covering bounce from support marked by the lower end of a short-term descending trend-channel.
• Technical indicators on the mentioned chart have moved into the positive territory and remained supportive, though mixed oscillators on 4-hourly/daily charts warrant caution.
• Hence, any subsequent up-move seems more likely to run out of steam, rather meet with some aggressive supply near the trend-channel resistance, coinciding with 200-hour SMA.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1309.4
Today Daily change %: 0.20%
Today Daily Open: 1306.8
Trends:
Daily SMA20: 1297.57
Daily SMA50: 1274.31
Daily SMA100: 1246.82
Daily SMA200: 1230.45
Levels:
Previous Daily High: 1322.3
Previous Daily Low: 1306.12
Previous Weekly High: 1326.25
Previous Weekly Low: 1297.8
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1312.3
Daily Fibonacci 61.8%: 1316.12
Daily Pivot Point S1: 1301.18
Daily Pivot Point S2: 1295.56
Daily Pivot Point S3: 1285
Daily Pivot Point R1: 1317.36
Daily Pivot Point R2: 1327.92
Daily Pivot Point R3: 1333.54