Gold Price Analysis: XAU/USD refreshes session tops, seems poised to climb further


  • Gold attracted some dip-buying near the $1930 area and refreshed session tops in the last hour.
  • The intraday technical set-up supports prospects for an extension of the intraday positive move.

Gold built on its steady intraday positive move and climbed to fresh daily tops, around the $1960-62 region during the early North American session. The prevalent selling bias around the USD extended some support to the dollar-denominated commodity. Adding to this, a sustained move back above 100-hour SMA was also seen as a key trigger for intraday bullish traders.

Meanwhile, technical indicators on the daily chart maintained their bullish bias, while the ones on the 1-hourly chart have been gaining positive traction. The set-up supports prospects for an extension of the intraday positive move. Hence, a subsequent break beyond the $1966 intermediate barrier, en-route the next major hurdle near the $1980 horizontal zone, looks a distinct possibility. However, the upbeat market mood warrants some caution for bulls.

On the flip side, the $1945 level now seems to protect the immediate downside. This is followed by support near the daily swing lows, around the $1930-29 region, which if broken decisively will negate any near-term positive bias. The commodity might then accelerate the fall towards the $1907 intermediate support before eventually dropping below the key $1900 round-figure mark. Bears might then aim to retest last week's swing low, around the $1863-62 region.

Gold 1-hourly chart

fxsoriginal

Technical levels to watch

XAU/USD

Overview
Today last price 1961.28
Today Daily Change 16.68
Today Daily Change % 0.86
Today daily open 1944.6
 
Trends
Daily SMA20 1950.58
Daily SMA50 1839.68
Daily SMA100 1768.58
Daily SMA200 1654.32
 
Levels
Previous Daily High 1962.3
Previous Daily Low 1932.46
Previous Weekly High 2049.96
Previous Weekly Low 1863.24
Previous Monthly High 1984.8
Previous Monthly Low 1757.7
Daily Fibonacci 38.2% 1943.86
Daily Fibonacci 61.8% 1950.9
Daily Pivot Point S1 1930.61
Daily Pivot Point S2 1916.61
Daily Pivot Point S3 1900.77
Daily Pivot Point R1 1960.45
Daily Pivot Point R2 1976.29
Daily Pivot Point R3 1990.29

 

 

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