Gold Price Analysis: There has been a decent intraday break to the upside but the bulls are not in full control yet

Gold is trading 0.60% higher and the dollar index is 0.20% down on the day.
The key resistance still remains intact at USD 1992.48 per troy ounce.

Rajan Dhall, MSTA FX Daily

Gold 4-hour chart

As the dollar weakens slightly gold bugs are taking advantage to push the price of the yellow metal higher. The general risk sentiment in the stock markets today has been mixed but after a soft start to the EU session, US traders have managed to improve the mood. Only just recently (5.30 pm BST) have the price of stock indices moved lower but gold remains steady.

Looking at the chart, the price has broken a trendline to the upside. This is not the strongest trendline as it only had two touches but if the price can close above the area it may be a good sign for the bulls. The key level on the chart is the orange line at the previous wave high of USD 1992.48. If the bulls manage to break the level then the previous all-time high might be the target.

The indicators are getting lightly ahead of themselves. The Relative Strength Index is nearly at the overbought zone. The MACD histogram is green and the signal lines look like they are crossing over to the upside too. This has happened as there has been a period of sideways action and the indicators work on averages and tend to overreact.

This is still an uptrend on the higher timeframes and it looks like the trend could continue. We still need further confirmation and the price needs to take out the two previous wave highs for a start. It would not be a suprise if the price was to stall again until the FOMC meeting on 16th September.

Additional levels

XAU/USD

Overview
Today last price	1958
Today Daily Change	11.47
Today Daily Change %	0.59
Today daily open	1946.53

Trends
Daily SMA20	1948.01
Daily SMA50	1912.93
Daily SMA100	1819.8
Daily SMA200	1697.87

Levels
Previous Daily High	1950.9
Previous Daily Low	1920.16
Previous Weekly High	1992.42
Previous Weekly Low	1916.42
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1939.16
Daily Fibonacci 61.8%	1931.9
Daily Pivot Point S1	1927.49
Daily Pivot Point S2	1908.46
Daily Pivot Point S3	1896.75
Daily Pivot Point R1	1958.23
Daily Pivot Point R2	1969.94
Daily Pivot Point R3	1988.97

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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