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8 Feb 2019

Gold Technical Analysis: Breaks through descending trend-channel hurdle, now eyeing 200-hour SMA

   •  The precious metal reversed an early dip and jumped to fresh session tops in the last hour, turning higher for the second straight session.

   •  The positive momentum has been strong enough to lift the commodity beyond a descending trend-channel formation on the 1-hourly chart. 

   •  Technical indicators on mentioned charts have just started gaining traction and support prospects for an extension of the goodish intraday up-move.

   •  A follow-through strength beyond 200-hour will add credence to the near-term bullish breakout and pave the way for a further appreciating move.

Gold 1-hourly chart

XAU/USD

Overview:
    Today Last Price: 1311.18
    Today Daily change %: 0.11%
    Today Daily Open: 1309.8
Trends:
    Daily SMA20: 1298.75
    Daily SMA50: 1276.03
    Daily SMA100: 1247.89
    Daily SMA200: 1230.71
Levels:
    Previous Daily High: 1312
    Previous Daily Low: 1302.8
    Previous Weekly High: 1326.25
    Previous Weekly Low: 1297.8
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1308.49
    Daily Fibonacci 61.8%: 1306.31
    Daily Pivot Point S1: 1304.4
    Daily Pivot Point S2: 1299
    Daily Pivot Point S3: 1295.2
    Daily Pivot Point R1: 1313.6
    Daily Pivot Point R2: 1317.4
    Daily Pivot Point R3: 1322.8

 

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