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

XAU/USD

Overview
Today last price 1967.63
Today Daily Change 11.08
Today Daily Change % 0.57
Today daily open 1956.55
 
Trends
Daily SMA20 1847.39
Daily SMA50 1780.35
Daily SMA100 1720.31
Daily SMA200 1627.33
 
Levels
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

 

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