- Gold buyers catch a breath after rising heavily to the fresh 11-year top during the last two days.
- MACD and RSI both favor a pullback while the latest lower highs on the hourly chart support the argument.
- An upward sloping trend channel from Tuesday keeps pleasing the bulls.
Gold prices stay mildly positive around $1,621 during early Friday. The yellow metal has been flashing a lower high formation since its pullback from $1,623.80 while MACD is also likely turning negative. Further to support the odds of a pullback are RSI conditions that signal a halt to the additional upside.
As a result, the bullion may decline to Wednesday’s high of $1,613 while the support line of a short-term rising channel, at $1,611 can question extra downside.
If at all the quote dips below $1,611, $1,605 and $1,600 can entertain the bears ahead of recalling the early-week levels surrounding $1,584/83.
Meanwhile, an upside break of $1,623 can trigger fresh run-up towards the channel resistance of $1,627.
During the precious metal’s additional rise past-$1,627, the rising trendline connecting highs marked during September 20119 and January 2020, close to $1630/31, will be in the spotlight.
Gold hourly chart
Trend: Pullback expected
Additional important levels
|Today last price||1620.39|
|Today Daily Change||0.74|
|Today Daily Change %||0.05%|
|Today daily open||1619.65|
|Previous Daily High||1623.79|
|Previous Daily Low||1603.94|
|Previous Weekly High||1584.36|
|Previous Weekly Low||1561.99|
|Previous Monthly High||1611.53|
|Previous Monthly Low||1517.1|
|Daily Fibonacci 38.2%||1616.21|
|Daily Fibonacci 61.8%||1611.52|
|Daily Pivot Point S1||1607.8|
|Daily Pivot Point S2||1595.94|
|Daily Pivot Point S3||1587.95|
|Daily Pivot Point R1||1627.65|
|Daily Pivot Point R2||1635.64|
|Daily Pivot Point R3||1647.5|
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