The bullion broke the upper trend line of the long term descending channel, which had pierced a dominant support level.

The most notable aspect about the move is that the bullion did not even stop at the 55 and 100–hour simple moving averages, which were providing resistance. Moreover, the upper trend line of the descending pattern was also ignored.

Only the 200-hour SMA provided some sort of significance, as it forced a short lived retreat of the metal. 

On Wednesday, all attention was on whether the 200-SMA will provide enough support to push the rate up to the 1,270.00 mark.



Interested in Gold technicals? Check out the key levels

    1. R3 1279.93
    2. R2 1268.47
    3. R1 1260.53
  1. PP 1249.07
    1. S1 1241.13
    2. S2 1229.67
    3. S3 1221.73


This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 


GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.


XAU/USD drops $50 from record highs to the $2020 area

Gold prices are falling sharply on Friday, trading below $2040/oz at the moment. Earlier on Friday, the yellow metal reached at $2075, a new record high.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI drops 1% to $41.50 ahead of US NFP, rigs data

WTI (futures on Nymex) is on a steady decline so far this Friday, undermined by reduced demand for higher-yielding assets amid the renewed US-China tensions induced risk-aversion.

Oil News

Forex Majors