Gold Technical Analysis: Bulls await a convincing breakthrough $1216-17 strong barrier

   •  The precious metal traded with a mild positive bias for the fourth consecutive session on Friday, albeit seemed struggling to build on its positive move beyond the $1216-17 strong resistance. 

   •  The mentioned hurdle, representing 50% Fibonacci retracement level of $1237-$1196 recent downfall and nearing 200-hour SMA, has been capping the up-move over the past three trading session.

   •  Meanwhile, technical indicators on the daily chart are yet to catch up with the recent up-move, albeit remained supportive for a follow-through positive momentum on the hourly chart. 

   •  Hence, it would be prudent to wait for a convincing breakthrough the mentioned $1216-17 barrier before traders start positioning for any subsequent appreciating move in the near-term. 

   •  Alternatively, a rejection slide from the current resistance zone is likely to prompt some fresh weakness back towards 100-hour SMA/23.6% Fibonacci retracement level confluence support. 

Gold 1-hourly chart

XAU/USD

Overview:    Last Price: 1215.62    Daily change: 2.5e+2 pips    Daily change: 0.205%    Daily Open: 1213.13Trends:    Daily SMA20: 1221.29    Daily SMA50: 1213.93    Daily SMA100: 1206.53    Daily SMA200: 1240.11Levels:    Daily High: 1216.47    Daily Low: 1207    Weekly High: 1236.6    Weekly Low: 1206.3    Monthly High: 1243.43    Monthly Low: 1182.54    Daily Fibonacci 38.2%: 1212.85    Daily Fibonacci 61.8%: 1210.62    Daily Pivot Point S1: 1207.93    Daily Pivot Point S2: 1202.73    Daily Pivot Point S3: 1198.46    Daily Pivot Point R1: 1217.4    Daily Pivot Point R2: 1221.67    Daily Pivot Point R3: 1226.87

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.