Gold Price Analysis: $1,585 is the level to beat for the bulls


  • Gold is trapped in a narrowing price range on the 4-hour chart. 
  • A breakout would imply a continuation of the broader uptrend. 

Gold's stalled rally could pick up the pace above $1,585. That level is currently housing the upper end of the 6.5-week long narrowing price range. 

The metal has printed lower highs and higher lows since topping out at $1,611 in early January. That has taken the shape of a narrowing price range or contracting triangle 

Acceptance above the upper end would imply a resumption of the uptrend from November lows near $1,455 and could yield a move above the recent high of $1,611. 

On the other hand, a range breakdown could cause buyers to exit the market, yielding a deeper drop to $1,520-$1,500.

At press time, the yellow metal is trading at $1,576 per Oz. 

4-hour chart

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price 1576.73
Today Daily Change 0.42
Today Daily Change % 0.03
Today daily open 1576.31
 
Trends
Daily SMA20 1568.68
Daily SMA50 1534.24
Daily SMA100 1508.35
Daily SMA200 1464.9
 
Levels
Previous Daily High 1578.34
Previous Daily Low 1565.54
Previous Weekly High 1594.01
Previous Weekly Low 1547.56
Previous Monthly High 1611.53
Previous Monthly Low 1517.1
Daily Fibonacci 38.2% 1573.45
Daily Fibonacci 61.8% 1570.43
Daily Pivot Point S1 1568.45
Daily Pivot Point S2 1560.6
Daily Pivot Point S3 1555.65
Daily Pivot Point R1 1581.25
Daily Pivot Point R2 1586.2
Daily Pivot Point R3 1594.05

 

 

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