Gold Price Analysis: The stubborn support is still holding but some of the technical indicators at creeping back up


  • Gold is trading 0.26% lower but the critical support level is still holding.
  • Volume has been light today as the US markets are closed due to a public holiday.

Gold 4-hour chart

Today has been a slow session as the US markets are closed due to labor day. Despite this, there are some technical set-ups that need to be watched if you are interested in the yellow metal. The market seems to be in limbo after the long uptrend and with this month's FOMC meeting being a "live" one a break of the technical levels could give us clues to the future trajectory of the metal. 

Elliott Wave practitioners will be looking at this current pattern waiting to see if the price breaks the wave low of USD 1863.24 per troy ounce. This could mean that the current wave is the long wave 3. At the moment the issue for that theory is the current support at red line near USD 1925.00 per ounce. This bearish view would be invalidated if the black resistance line just below USD 2K per ounce is broken. Then the bulls would surely be in charge and another test of the highs or a possible extension might be on the cards.

The indicators also look like they are turning higher at the moment. The MACD histogram bars are diminishing in size and there has been a bullish cross of the MACD signal lines. The signal lines remain under the mid-level and the bulls would like to see a bullish cross. The Relative Strength Index is still under the 50 midpoint but looks like it might be recovering. It has recently moved off the oversold line and has started to slope higher.

Overall, the metal is still in an uptrend, this is just a consolidation phase but a break of USD 2K per ounce would be a good confirmation that the bulls are still in charge. 

Gold Technical Analysis

Additional levels

XAU/USD

Overview
Today last price 1929.26
Today Daily Change -4.90
Today Daily Change % -0.25
Today daily open 1934.16
 
Trends
Daily SMA20 1950.37
Daily SMA50 1903.26
Daily SMA100 1812.68
Daily SMA200 1690.86
 
Levels
Previous Daily High 1949.5
Previous Daily Low 1916.42
Previous Weekly High 1992.42
Previous Weekly Low 1916.42
Previous Monthly High 2075.32
Previous Monthly Low 1863.24
Daily Fibonacci 38.2% 1936.86
Daily Fibonacci 61.8% 1929.06
Daily Pivot Point S1 1917.22
Daily Pivot Point S2 1900.28
Daily Pivot Point S3 1884.14
Daily Pivot Point R1 1950.3
Daily Pivot Point R2 1966.44
Daily Pivot Point R3 1983.38

 

 

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD extends rally above 0.6800 as US Dollar sell-off continues

AUD/USD extends rally above 0.6800 as US Dollar sell-off continues

The AUD/USD pair trades near a weekly peak of 0.6843, maintaining the bullish potential intact amid US data supporting a slower pace of quantitative tightening. Focus now on RBA’s Governor Lowe speech.

AUDUSD News

EUR/USD holds on to gains at around 1.0510

EUR/USD holds on to gains at around 1.0510

EUR/USD holds on to substantial gains above 1.0500 amid the broad US Dollar weakness. Optimism further fueled the rally as China moves away from its zero-Covid policy.

EUR/USD News

Gold bulls conquered $1,800, what’s next?

Gold bulls conquered $1,800, what’s next?

Gold jumped to $1,804.00, its highest since early August. The metal benefited from an extended USD sell-off as US macroeconomic figures fueled Powell’s triggered slump. On Wednesday, the Dollar fell on the back of a dovish message from Fed's Powell.

Gold News

Bitcoin price witnesses 44% increase of deposits to all exchanges in November

Bitcoin price witnesses 44% increase of deposits to all exchanges in November

BTC rallied back into the $17,000 price zone after several failed attempts. Bitcoin price a countertrend move just before November's auction finalized. Still, on-chain metrics suggest the downtrend is not yet over.

Read more

Nonfarm Payrolls Preview: Dollar selling opportunity? Low expectations to trigger temporary bounce Premium

Nonfarm Payrolls Preview: Dollar selling opportunity? Low expectations to trigger temporary bounce

A flashback to 2019 just before 2022 ends? The last Nonfarm Payrolls release is set to show a pre-pandemic level of job gains, around 200,000. Or maybe lower. However, expect another positive surprise – triggering a temporary Dollar bounce. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures