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Gold technical analysis: Spikes to 2-week tops, around $1500 mark

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Gold technical analysis: Spikes to 2-week tops, around $1500 mark

  • Quickly reverses an early dip and finally breakthrough the recent trading range.
  • The set-up seems tilted in favor of bullish traders and point to additional gains.

Gold quickly reversed an intraday dip to 200-hour SMA and climbed two-week tops in the last hour, with bulls looking to extend the momentum beyond the top end of the recent trading range.

Given that technical indicators on hourly charts maintained their bullish bias and also trying to gain traction on the daily chart, the set-up might have already shifted in favor of bullish traders.

A sustained breakthrough a descending trend-line resistance, extending from early September swing highs, will reaffirm the positive outlook and lift the commodity towards the $1506 level.

On the flip side, the $1491-90 region now seems to protect the immediate downside, which if broken might accelerate the slide towards $1483 intermediate support en-route the $1476 region.

Gold 1-hourly chart

XAU/USD

OVERVIEW
Today last price 1496.63
Today Daily Change 4.59
Today Daily Change % 0.31
Today daily open 1492.04
TRENDS
Daily SMA20 1493.09
Daily SMA50 1505.58
Daily SMA100 1459.46
Daily SMA200 1378.58
LEVELS
Previous Daily High 1496.14
Previous Daily Low 1487.74
Previous Weekly High 1497.95
Previous Weekly Low 1477.15
Previous Monthly High 1557.03
Previous Monthly Low 1464.61
Daily Fibonacci 38.2% 1492.93
Daily Fibonacci 61.8% 1490.95
Daily Pivot Point S1 1487.8
Daily Pivot Point S2 1483.58
Daily Pivot Point S3 1479.41
Daily Pivot Point R1 1496.2
Daily Pivot Point R2 1500.36
Daily Pivot Point R3 1504.6
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