Gold Technical Analysis: Struggles to build on positive momentum, upbeat NFP report capped gains
• The precious metal managed to rebound from 50% Fibonacci retracement level of the $1180-$1243 recent upsurge on Wednesday, though struggled to build on the overnight upsurge following the release of upbeat NFP report.
• However, technical indicators on hourly/daily charts have been holding in bullish territory and support prospects for an extension of the positive momentum/additional intraday gains.
• Moreover, given that the commodity remains well above important intraday moving averages - 50, 100 & 200-hour SMAs, adds credence to the near-term constructive outlook.
Gold 4-hourly chart
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XAU/USD
Overview:
Last Price: 1233.45
Daily change: 25 pips
Daily change: 0.0203%
Daily Open: 1233.2
Trends:
Daily SMA20: 1226.46
Daily SMA50: 1209.96
Daily SMA100: 1207.03
Daily SMA200: 1247.31
Levels:
Daily High: 1237.6
Daily Low: 1214.4
Weekly High: 1243.43
Weekly Low: 1219.9
Monthly High: 1243.43
Monthly Low: 1182.54
Daily Fibonacci 38.2%: 1228.74
Daily Fibonacci 61.8%: 1223.26
Daily Pivot Point S1: 1219.2
Daily Pivot Point S2: 1205.2
Daily Pivot Point S3: 1196
Daily Pivot Point R1: 1242.4
Daily Pivot Point R2: 1251.6
Daily Pivot Point R3: 1265.6