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. 

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

 


 

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