Gold Technical Analysis: Breaks through descending trend-channel hurdle, now eyeing 200-hour SMA
• The precious metal reversed an early dip and jumped to fresh session tops in the last hour, turning higher for the second straight session.
• The positive momentum has been strong enough to lift the commodity beyond a descending trend-channel formation on the 1-hourly chart.
• Technical indicators on mentioned charts have just started gaining traction and support prospects for an extension of the goodish intraday up-move.
• A follow-through strength beyond 200-hour will add credence to the near-term bullish breakout and pave the way for a further appreciating move.
Gold 1-hourly chart
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XAU/USD
Overview:
Today Last Price: 1311.18
Today Daily change %: 0.11%
Today Daily Open: 1309.8
Trends:
Daily SMA20: 1298.75
Daily SMA50: 1276.03
Daily SMA100: 1247.89
Daily SMA200: 1230.71
Levels:
Previous Daily High: 1312
Previous Daily Low: 1302.8
Previous Weekly High: 1326.25
Previous Weekly Low: 1297.8
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1308.49
Daily Fibonacci 61.8%: 1306.31
Daily Pivot Point S1: 1304.4
Daily Pivot Point S2: 1299
Daily Pivot Point S3: 1295.2
Daily Pivot Point R1: 1313.6
Daily Pivot Point R2: 1317.4
Daily Pivot Point R3: 1322.8