Gold Price Analysis: Stuck in a broadening channel on the 5-min chart


  • Gold lacks clear directional bias with prices stuck in an expanding sideways channel. 
  • A breakout would open the doors for re-test of record highs.

Gold has carved out a broadening sideways channel on the 5-minute chart. At press time, the yellow metal is trading largely unchanged on the day near $1,957 per ounce. 

A break below the lower end or support of the broadening channel, currently at $1,945, would validate the ascending channel breakdown witnessed during the overnight trade and shift risk in favor fo a drop to lows below $1,910 observed on Tuesday. 

Alternatively, a move above the channel hurdle at $1,966 would imply a resumption of the rally from lows below $1,910 and open the doors to re-test of the record high of $1,981.20 reached during Tuesday's Asian trading hours. 

5-minute chart

Trend: Bullish above $1,966

Technical levels

XAU/USD

Overview
Today last price 1959.06
Today Daily Change 0.56
Today Daily Change % 0.03
Today daily open 1958.5
 
Trends
Daily SMA20 1828.24
Daily SMA50 1771.32
Daily SMA100 1713.87
Daily SMA200 1622.59
 
Levels
Previous Daily High 1981.34
Previous Daily Low 1907.04
Previous Weekly High 1906.68
Previous Weekly Low 1805.86
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1952.96
Daily Fibonacci 61.8% 1935.42
Daily Pivot Point S1 1916.58
Daily Pivot Point S2 1874.66
Daily Pivot Point S3 1842.28
Daily Pivot Point R1 1990.88
Daily Pivot Point R2 2023.26
Daily Pivot Point R3 2065.18

 

 

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