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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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