Gold Price Analysis: XAU/USD bounces from a long-held support

Gold again defends the long-held support at $1,850.
A bull revival needs a close above the Nov. 6 high.

Omkar Godbole FXStreet Contributor

Gold is currently trading above $1,865, having printed lows near $1,850 on Thursday. That level offered support multiple times in the second half of September and earlier this month.

As such, $1,850 is the level to beat for the bears. A breakdown would validate the big bearish engulfing candle created on Nov. 6 and open the doors to the psychological level of $1,800.

Alternatively, a close above the Nov. 6 high of $1,965 is needed to revive the broader uptrend. The yellow metal is up 23% this year.

Daily chart

Trend: Bearish below $1,850

Technical levels

XAU/USD

Overview
Today last price	1866.76
Today Daily Change	0.02
Today Daily Change %	0.00
Today daily open	1866.74

Trends
Daily SMA20	1890.76
Daily SMA50	1901.22
Daily SMA100	1908.78
Daily SMA200	1792.47

Levels
Previous Daily High	1874.12
Previous Daily Low	1852.8
Previous Weekly High	1965.58
Previous Weekly Low	1850.56
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1860.94
Daily Fibonacci 61.8%	1865.98
Daily Pivot Point S1	1854.99
Daily Pivot Point S2	1843.23
Daily Pivot Point S3	1833.67
Daily Pivot Point R1	1876.31
Daily Pivot Point R2	1885.87
Daily Pivot Point R3	1897.63

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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