Gold Price Analysis: At session highs, ascending triangle on hourly chart

  • Dollar weakness powers gold to session a session high of $1,967.
  • The metal's hourly chart shows an ascending triangle. 
  • A breakout would open the doors for $2,000.

Gold is trading at a session high of $1,967 per ounce, representing a 0.57% gain on the day, The yellow metal is drawing bids amid sustained weakness in the US dollar, the yellow metal’s biggest nemesis. 

The dollar index, which tracks the value of the greenback against majors, is currently trading at 92.66 – the lowest level since May 2018.

Going back to gold, the yellow metal has carved out an ascending triangle on the hourly chart. An ascending triangle comprises a rising trendline connecting higher lows and a horizontal resistance line. 

A move above $1,980 would confirm a breakout and accelerate the rally from lows near $1,800, opening the doors for a convincing move above the $2,000 mark. On the flip side, an ascending triangle breakdown would open the doors for a re-test of Tuesday’s low of $1,906. 

Hourly chart

Trend: Neutral

Technical levels


Today last price 1967.63
Today Daily Change 11.08
Today Daily Change % 0.57
Today daily open 1956.55
Daily SMA20 1847.39
Daily SMA50 1780.35
Daily SMA100 1720.31
Daily SMA200 1627.33
Previous Daily High 1971.82
Previous Daily Low 1939.66
Previous Weekly High 1906.68
Previous Weekly Low 1805.86
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1951.95
Daily Fibonacci 61.8% 1959.53
Daily Pivot Point S1 1940.2
Daily Pivot Point S2 1923.85
Daily Pivot Point S3 1908.04
Daily Pivot Point R1 1972.36
Daily Pivot Point R2 1988.17
Daily Pivot Point R3 2004.52


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 assets. 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 Open Markets 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1800 amid unconvinced buyers

The EUR/USD pair hovers around the 1.1800 level after topping at 1.1816. Dull start to the week ahead of US first-tier events spread through the week. Stocks keep challenging record highs.


GBP/USD edges higher past 1.3800 as covid optimism battles Brexit woes

GBP/USD seesaws around 1.3820, following the heaviest daily run-up in a week, amid Tuesday’s Asian session. The cable pair benefited from the latest reduction in the coronavirus numbers at home, as well as the broad softening of the US dollar, the previous day.


Gold Price bears took the reins Monday to test below $1,800 despite crash in real US yields

Gold struggles to gain traction at the start of the week. XAU/USD stays dangerously close to the 100-day SMA. Key resistance is located at $1,820 in case gold turns north.

Gold News

BTC confirms trend change, while altcoins show impressive gains

Bitcoin price leads a new charge of strength in the cryptocurrency complex, carrying many digital tokens, including Ethereum and Ripple, above persistent resistance levels and towards a legitimate trend change. 

Read more

EU Wrap: Big earnings week, Fed, data, oil, gold, Bitcoin surge

A cautious start to the week as investors prepare for an onslaught of earnings and data, not to mention the Fed meeting on Wednesday. It should be a thrilling week and it comes on the back of a hugely impressive bounceback.

Read more