Gold Price Analysis: Pulls back from record high, 1H chart shows failed breakout

Gold recedes from record high of $1,988 to $1,973.
The hourly chart shows now shows a failed triangle breakout.

Omkar Godbole FXStreet Contributor

An ounce of gold is changing hands near $1,973 at press time. Prices reached a fresh record high of $1,988 during the early Asian session, surpassing the previous lifetime high of $1,984 reached on Friday.

Notably, with the rise to fresh record highs, gold had confirmed an ascending channel breakout on the hourly chart. That bullish continuation pattern, however, has failed with the pullback to $1,972.

A failed breakout is widely considered as a powerful bearish signal. That, alongside a below-50 or bearish reading on the hourly chat relative strength index, suggests scope for a deeper decline to the ascending triangle support at $1,960.

On the higher side, $1,988 is the level to beat for the bulls, which, if breached, would open the doors to a potential breakout above the $2,000 mark.

Hourly chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1973.27
Today Daily Change	-2.81
Today Daily Change %	-0.14
Today daily open	1976.08

Trends
Daily SMA20	1857.38
Daily SMA50	1785.18
Daily SMA100	1724.31
Daily SMA200	1629.69

Levels
Previous Daily High	1984.8
Previous Daily Low	1955.3
Previous Weekly High	1984.8
Previous Weekly Low	1900
Previous Monthly High	1984.8
Previous Monthly Low	1757.7
Daily Fibonacci 38.2%	1973.53
Daily Fibonacci 61.8%	1966.57
Daily Pivot Point S1	1959.32
Daily Pivot Point S2	1942.56
Daily Pivot Point S3	1929.82
Daily Pivot Point R1	1988.82
Daily Pivot Point R2	2001.56
Daily Pivot Point R3	2018.32

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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