Gold Technical Analysis: Touch 1292 And New Sell entry 1294

GOLD edged higher on the last trading day of the week and jumped back above $1290 and 1294 level, just above over one-week tops set in the previous session.
Gold H4 200 ma moving average is 1290.95 area breakout and stable this level touch 1296 level. and H4 100 ma moving average area 1285.40 level so stable 100 ma gold touch 1290 area.
Gold Day 100 ma moving average level 1280.70 area so breakout this level gold touch 1290/96 area. And Technically Best Sell Area is 1296 level and take profit 1280 Area.
Another way, GOLD breakout and stable 1305 level touch 1318 level.

Previous Monthly High 1327.8
Previous Monthly Low 1280.1
Daily Fibonacci 38.2% 1279.06
Daily Fibonacci 61.8% 1276.92
Daily SMA100 1291.72
Daily SMA200 1251.07

NEWS:-
It would be prudent to wait for a strong follow-through buying before confirming that the commodity might have actually bottomed out in the near-term and positioning for any further recovery, possibly back above the key $1300 psychological mark.

Comment:

Gold is looking to move back above the 50-hour moving average, currently at $1,282 amid the yield curve steepening and a decline in the US dollar.
1. The intraday slide found some support near 38.2% Fibonacci retracement level of the $1266.50-$1288.75 bounce, coinciding with 200-hour EMA.
2. Hence, weakness below the mentioned support is likely to accelerate the slide further towards 100/200-hour SMA and 50% Fibo. level confluence support.

Technical Level:
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Daily SMA100 1292.19
Daily SMA200 1251.55
Daily Fibonacci 38.2% 1283.74
Daily Fibonacci 61.8% 1280.65

Comment:

1. Gold dips below key average, pausing corrective rally from the previous week’s low of $1,266.
2. The stalled recovery rally will likely gather traction if the Fed sounds dovish.

Technical Level:
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R1 1290.63
R2 1293.37
R3 1298.73
S1 1282.53
S2 1277.17
S3 1274.43