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. 

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

 

 

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