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18 Feb 2019

Gold Technical Analysis: Revisits multi-month tops, set-up favors further near-term up-move

   •  The precious metal built on last week's goodish bounce from the $1300 neighbourhood and a subsequent breakthrough near two-week-old strong hurdle.

   •  The positive momentum extended for the third straight session on Monday and lifted the commodity to retest multi-month tops, around the $1326 region. 

Gold 4-hourly chart

   •  Given that the commodity remains well above its important intraday moving averages – 50, 100 & 200-hour SMA, support prospects for further intraday gains.

   •  However, technical indicators on hourly charts have moved on the verge of pointing to slightly overbought conditions and thus, warrant some caution.

   •  The set-up points to some near-term consolidation before further gains towards 61.8% Fibo. expansion level of  $1280-$1326 up-move and subsequent retracement.

Technical levels to watch

Overview:
    Today Last Price: 1325.5
    Today Daily change %: 0.33%
    Today Daily Open: 1321.1
Trends:
    Daily SMA20: 1305.66
    Daily SMA50: 1285.19
    Daily SMA100: 1254.6
    Daily SMA200: 1232.57
Levels:
    Previous Daily High: 1322.55
    Previous Daily Low: 1305.9
    Previous Weekly High: 1322.55
    Previous Weekly Low: 1303.15
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1316.19
    Daily Fibonacci 61.8%: 1312.26
    Daily Pivot Point S1: 1310.48
    Daily Pivot Point S2: 1299.87
    Daily Pivot Point S3: 1293.83
    Daily Pivot Point R1: 1327.13
    Daily Pivot Point R2: 1333.17
    Daily Pivot Point R3: 1343.78

 

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