Gold Price Analysis: Under pressure, but market still looks indecisive

Gold's immediate outlook is neutral with prices stuck in a sideways trading range.
The next move depends on the direction in which the range is breached.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,624 per ounce, representing a 0.30% decline on the day.

Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.

A break above Thursday's high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675.

Alternatively, acceptance under Thursday's low of $1,594 would confirm an end of the bounce from recent lows near $1,455.

The outlook will remain neutral as long as prices hover within Thursday's trading range.

Daily chart

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price	1625.6
Today Daily Change	-4.54
Today Daily Change %	-0.28
Today daily open	1630.14

Trends
Daily SMA20	1589.32
Daily SMA50	1587.31
Daily SMA100	1540.06
Daily SMA200	1508.16

Levels
Previous Daily High	1644.54
Previous Daily Low	1598.08
Previous Weekly High	1561
Previous Weekly Low	1451.3
Previous Monthly High	1689.4
Previous Monthly Low	1547.56
Daily Fibonacci 38.2%	1626.79
Daily Fibonacci 61.8%	1615.83
Daily Pivot Point S1	1603.97
Daily Pivot Point S2	1577.79
Daily Pivot Point S3	1557.51
Daily Pivot Point R1	1650.43
Daily Pivot Point R2	1670.71
Daily Pivot Point R3	1696.89

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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