Gold Price Analysis: Will it be a smooth journey to the all time high?

Gold has moved another 0.74% higher to hit a high of USD 1,818.17 per troy ounce on Wednesday.
The momentum still looks good on the daily chart.

Rajan Dhall, MSTA FX Daily

Gold daily chart

The daily chart shows an acceleration away from the top of the flag pattern. The price has now broken out of the blue resistance line which was the previous consolidation high back in 2011 after the price dropped from the all-time high.

Both the indicators are looking positive with the MACD histogram still green and the bars are still increasing in size. The signal lines are also still elevated and they have not had a bearish cross just yet. The Relative Strength Index indicator is in the overbought zone but in the past, it has stayed there for a while before the price dropped off.

Gold monthly chart

The monthly chart highlights the levels that the bulls are targeting in the precious metal. It is also a slightly better angle to see the most recent resistance break. Both the indicators on this timeframe also look like showing no signs of slowing down. It is important to remember any blip or wave lower on the daily and intraday charts will not show up to well on this timeframe. The key target for the bulls is now the all-time high of USD 1921.07.

Additional levels

XAU/USD

Overview
Today last price	1808.76
Today Daily Change	13.31
Today Daily Change %	0.74
Today daily open	1795.45

Trends
Daily SMA20	1755.84
Daily SMA50	1731.64
Daily SMA100	1682.32
Daily SMA200	1596.31

Levels
Previous Daily High	1797.4
Previous Daily Low	1773.66
Previous Weekly High	1789.28
Previous Weekly Low	1757.7
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1788.33
Daily Fibonacci 61.8%	1782.73
Daily Pivot Point S1	1780.27
Daily Pivot Point S2	1765.1
Daily Pivot Point S3	1756.53
Daily Pivot Point R1	1804.01
Daily Pivot Point R2	1812.58
Daily Pivot Point R3	1827.75

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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