Gold Technical Analysis: Set-up points to more gains in the near-term

• The precious metal trimmed a part of its daily gains to $1250 area and is currently placed at the lower end of an intraday ascending trend-channel formation.

Gold 15-mins. chart

• Looking at a slightly higher time-frame (1-hourly chart), the commodity has been showing resilience below 50-hour SMA and near a short-term ascending trend-line.

1-hourly chart

• Technical indicators on hourly/daily charts have been losing positive momentum but maintained their bullish bias, pointing to some meaningful dip-buying interest.

• Hence, it would be prudent to wait for a convincing breakthrough the mentioned trend-line before confirming that a near-term top has already been formed near $1250.

XAU/USD

Overview:
    Today Last Price: 1247.9
    Today Daily change: 3.6e+2 pips
    Today Daily change %: 0.286%
    Today Daily Open: 1244.34
Trends:
    Previous Daily SMA20: 1226.37
    Previous Daily SMA50: 1224.54
    Previous Daily SMA100: 1211.92
    Previous Daily SMA200: 1232.22
Levels:
    Previous Daily High: 1250.85
    Previous Daily Low: 1241.8
    Previous Weekly High: 1250.1
    Previous Weekly Low: 1221.39
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1245.26
    Previous Daily Fibonacci 61.8%: 1247.39
    Previous Daily Pivot Point S1: 1240.48
    Previous Daily Pivot Point S2: 1236.62
    Previous Daily Pivot Point S3: 1231.43
    Previous Daily Pivot Point R1: 1249.53
    Previous Daily Pivot Point R2: 1254.71
    Previous Daily Pivot Point R3: 1258.58

Gold Technical Analysis: Set-up points to more gains in the near-term

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