Gold Price Analysis: Finally some rest bite as XAU/USD holds at $1865 per ounce

Gold trades -0.12% lower on Friday after a dismal week.
The price is consolidation after hitting a low of USD 1848.84 per troy ounce.

Rajan Dhall, MSTA FX Daily

Gold 1-hour chart

It has not been the best week for the gold bugs as the yellow metal has fallen 4.36% since Monday. At the end of the week, the price has started to consolidate at the USD 1865 per ounce area. This does not mean the move lower is over, it just means there is some balance for now.

Looking ahead to next week, if the price breaks the wedge type pattern it could help us determine the short term direction. This is more likely to be in the downward direction as the trend is lower at the moment. If this is the case the wave low at USD 1848.84 per ounce could be the target.

If the price does move higher the orange resistance level could be a sticky point for the bulls. Beyond that, there is also another resistance area at USD 1907.27 per troy ounce. The bulls would like to see a break of the level as it could be an indication that the bull trend is back on.

On the weekly chart, this is still a clear uptrend and this move lower looks like a retracement. For now in the medium to short term the trend is still moving lower and trying to catch a falling knife is a dangerous game.

Additional levels

XAU/USD

Overview
Today last price	1864.9
Today Daily Change	-2.80
Today Daily Change %	-0.15
Today daily open	1867.7

Trends
Daily SMA20	1935.48
Daily SMA50	1941.54
Daily SMA100	1843.82
Daily SMA200	1722.91

Levels
Previous Daily High	1877.12
Previous Daily Low	1848.84
Previous Weekly High	1973.64
Previous Weekly Low	1932.88
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1866.32
Daily Fibonacci 61.8%	1859.64
Daily Pivot Point S1	1851.99
Daily Pivot Point S2	1836.27
Daily Pivot Point S3	1823.71
Daily Pivot Point R1	1880.27
Daily Pivot Point R2	1892.83
Daily Pivot Point R3	1908.55

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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