Gold Technical Analysis: Bulls in control despite risk-on mood, poised to retest multi-month tops near $1326

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   •  The commodity built on the previous session's goodish bounce and now seems to have found acceptance above a short-term descending trend-line resistance on the 4-hourly chart.

   •  The bullish momentum defied some renewed USD buying interest and the prevalent risk-on mood, supporting prospects for an extension of the ongoing positive momentum. 

   •  Moreover, technical indicators on the mentioned chart have been gaining positive traction and add credence to the constructive outlook, paving the way for a retest of multi-month tops.

   •  Hence, a follow-through up-move, towards challenging the $1326 supply zone, now looks a distinct possibility amid absent relevant market moving economic releases from the US.

Gold 4-hourly chart


	Gold Technical Analysis: Bulls in control despite risk-on mood, poised to retest multi-month tops near $1326

XAU/USD

Overview:
    Today Last Price: 1317.76
    Today Daily change %: 0.40%
    Today Daily Open: 1312.5
Trends:
    Daily SMA20: 1303.65
    Daily SMA50: 1283.74
    Daily SMA100: 1253.63
    Daily SMA200: 1232.17
Levels:
    Previous Daily High: 1314.55
    Previous Daily Low: 1303.15
    Previous Weekly High: 1322.3
    Previous Weekly Low: 1300.1
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1310.2
    Daily Fibonacci 61.8%: 1307.5
    Daily Pivot Point S1: 1305.58
    Daily Pivot Point S2: 1298.67
    Daily Pivot Point S3: 1294.18
    Daily Pivot Point R1: 1316.98
    Daily Pivot Point R2: 1321.47
    Daily Pivot Point R3: 1328.38

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