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

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD jumps back above 1.1950 amid upbeat market mood

The bid tone around the euro strengthened on Tuesday, pushing EUR/USD higher above 1.1950, as stock markets gained, weakening safe-havens such as the greenback. Coronavirus vaccine optimism and buoyant equity markets weigh over the dollar. Fed's Powell says the US economy remains in a damaged state.

EUR/USD News

GBP/USD eyes 1.3400 as bulls cheer US dollar weakness, focus on PMIs, Brexit

GBP/USD welcomes December with mild gains, trading above 1.3350. Concerns about US economic strength, stimulus weigh on the greenback. Brexit chatters reach the end-game with no clarity over the key hurdles. US Manufacturing PMIs and Fed Chair Powell’s testimony awaited.

GBP/USD News

Gold braces for a bumpy road to recovery above $1775

Gold (XAU/USD) is making another recovery attempt from five-month lows of $1765 as the US dollar dips on improved market mood amid coronavirus vaccine and US stimulus hopes.

Gold news

Dollar falls to 2.5 year low, 6 things to watch

The US dollar index plummeted to a 2.5 year low on Monday as investors worry about rising virus cases, fresh lockdowns, holiday spending and the Federal Reserve. With US virus cases topping 4 million in Nov, in-store Black Friday sales fell 52%. 

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex MAJORS

Cryptocurrencies

Signatures