Gold Technical Analysis: Closed above $1,300 for the first time since May
- Gold closed above $1,300 on Friday - its first daily close above the psychological hurdle since May - confirming a bull flag breakout or a continuation of the rally from the lows near $1,230.
- Further gains towards the Fibonacci hurdle of $1,321, however, could be seen after a minor pullback to support at $1,295 (Jan. 17 high), given the relative strength index (RSI) on both the 1H and 4H chart is reporting overbought conditions. Notably, the 14-hour relative strength index (RSI) is beginning to divergence in favor of the bears.
Hourly Chart
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4-hour chart
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Trend: minor correction likely
XAU/USD
Overview:
Today Last Price: 1303.09
Today Daily change: 3.42 pips
Today Daily change %: 0.26%
Today Daily Open: 1299.67
Trends:
Daily SMA20: 1287.04
Daily SMA50: 1259.76
Daily SMA100: 1237.26
Daily SMA200: 1228.73
Levels:
Previous Daily High: 1300.28
Previous Daily Low: 1279.9
Previous Weekly High: 1300.28
Previous Weekly Low: 1275.9
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Daily Fibonacci 38.2%: 1292.49
Daily Fibonacci 61.8%: 1287.68
Daily Pivot Point S1: 1286.29
Daily Pivot Point S2: 1272.91
Daily Pivot Point S3: 1265.91
Daily Pivot Point R1: 1306.66
Daily Pivot Point R2: 1313.66
Daily Pivot Point R3: 1327.04