Gold Price Analysis: Under pressure in Asia after Friday's Doji

Gold created a Doji candle on Friday, neutralizing the immediate bullish setup.
A break under $1,710 would confirm a short-term bearish reversal.

Omkar Godbole FXStreet Contributor

Gold is trading near $1,722 per ounce, representing a 0.30% drop on the day, having hit a high of $1,729 during the early Asian trading hours.

The metal is flashing red, having carved out a Doji candle on Friday, a sign of indecision in the market place.

A bearish Doji reversal would be confirmed if the yellow metal closes Monday under Friday's low of $1,710. That would also confirm a head-and-shoulders breakdown on the hourly chart.

A bearish close, if confirmed, would open the doors for a drop to $1,658 the low of the long-tailed candle created on April 21.

Alternatively, a close above Friday's high of $1,736 would imply a continuation of the rally from the low of $1,658 and will likely allow a sustained move above $1,750.

Daily chart

Trend: Bearish below $1,710

Technical levels

XAU/USD

Overview
Today last price	1722.42
Today Daily Change	-6.22
Today Daily Change %	-0.36
Today daily open	1728.64

Trends
Daily SMA20	1669.97
Daily SMA50	1627.82
Daily SMA100	1581.03
Daily SMA200	1533.99

Levels
Previous Daily High	1736.52
Previous Daily Low	1710.68
Previous Weekly High	1739
Previous Weekly Low	1661.18
Previous Monthly High	1703.27
Previous Monthly Low	1451.3
Daily Fibonacci 38.2%	1720.55
Daily Fibonacci 61.8%	1726.65
Daily Pivot Point S1	1714.04
Daily Pivot Point S2	1699.44
Daily Pivot Point S3	1688.2
Daily Pivot Point R1	1739.88
Daily Pivot Point R2	1751.12
Daily Pivot Point R3	1765.72

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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