Gold technical analysis: Immediate symmetrical triangle in focus, $1281 nearby support


  • Short-term symmetrical triangle limits the moves ahead of $1290 horizontal resistance.
  • The nine-month-old trend-line at $1266 continues to be strong downside support.

Gold is taking the rounds near $1283 during the early Asian session on Wednesday. The yellow metal has been following a symmetrical triangle technical formation since April 26.

The technical pattern confines the bullion’s moves between $1281 and $1286 with $1290 being an additional resistance to please buyers past-$1286.

Should prices rally beyond $1290, $1296, $1300 and $1306 are likely intermediate halts that can be availed during the quote’s rally towards April month high near $1311.

Alternatively, a downside break of $1281 can trigger fresh selling in direction to $1278, $1273 and $1270 consecutive supports.

Also, April month lows near $1266 join almost nine-month-old upward sloping trend-line and together offers strong support past-$1270, a break of which can recall $1260 level comprising 61.8% Fibonacci expansion (FE) of its previous month moves.

Gold hourly chart

Trend: Sideways

additional important levels

Overview
Today last price 1282.84
Today Daily Change 3.73
Today Daily Change % 0.29%
Today daily open 1279.11
 
Trends
Daily SMA20 1285.77
Daily SMA50 1299.81
Daily SMA100 1292.5
Daily SMA200 1251.97
Levels
Previous Daily High 1286.85
Previous Daily Low 1278.18
Previous Weekly High 1288.75
Previous Weekly Low 1265.6
Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1281.49
Daily Fibonacci 61.8% 1283.54
Daily Pivot Point S1 1275.91
Daily Pivot Point S2 1272.71
Daily Pivot Point S3 1267.24
Daily Pivot Point R1 1284.58
Daily Pivot Point R2 1290.05
Daily Pivot Point R3 1293.25

 

 

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