Gold Price Analysis: XAU/USD breaches bearish trendline, trades near $1,830

Gold looks north, having breached a bearish trendline.
The breakout has opened the doors to $1,850 – the level acted as strong support in September.

Omkar Godbole FXStreet Contributor

Gold jumped 0.83% to $1,830 on Wednesday, violating the trendline falling from Nov. 9 and Nov. 23 highs.

The breakout has strengthened the case for a re-test of the former support-turned-resistance of $1,850 put forward Tuesday's bullish marubozu candle.

A convincing move above $1,850 would expose the downward trending 50-day Simple Moving Average (SMA), currently at $1,880. On the downside, the 10-day SMA at $1,816 is the level to beat for the bears. A violation there would expose the recent low of $1,764.

The metal is currently trading largely unchanged on the day at $1,828 per ounce.

Daily chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price	1828.78
Today Daily Change	0.38
Today Daily Change %	0.02
Today daily open	1828.4

Trends
Daily SMA20	1855.68
Daily SMA50	1880.4
Daily SMA100	1910.27
Daily SMA200	1801.63

Levels
Previous Daily High	1832.52
Previous Daily Low	1807.55
Previous Weekly High	1876.14
Previous Weekly Low	1774.4
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1822.98
Daily Fibonacci 61.8%	1817.09
Daily Pivot Point S1	1813.13
Daily Pivot Point S2	1797.85
Daily Pivot Point S3	1788.16
Daily Pivot Point R1	1838.1
Daily Pivot Point R2	1847.79
Daily Pivot Point R3	1863.07

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

GBP/USD holds above 1.3350 with the 200-day SMA capping gains

The British Pound appreciates against the US Dollar on Tuesday to trim previous losses and return to the 1.3375 area, aiming to retest resistance at the key 200-day Simple Moving Average. This is a popular indicator, which lies a few pips below 1.3400 and has been capping Pound’s recovery over the last two weeks.

EUR/USD pops to weekly highs near 1.1460 on US CPI

EUR/USD regains traction and climbs further, revisiting the 1.1460 region on Tuesday. The pair’s marked uptick comes as the US Dollar continues to lose momentum across the board, particularly after US CPI data came below estimates in June.

Gold picks up pace, targets $4,100

Gold reverses the recent weakness and reclaims the area beyond the key $4,000 mark per troy ounce on Tuesday. The precious metal’s recovery picks up pace and approaches the $4,100 region in the wake of the release of lower-than-expected US inflation figures in June.

Crypto Today: Bitcoin, Ethereum, XRP extend sideways trading amid ETF outflows, US-Iran war escalation

Bitcoin hovers around $62,500 amid prevalent sideways trading. Meanwhile, major altcoins such as Ethereum and Ripple are holding above crucial support levels at $1,700 and $1.05, respectively, reflecting ongoing consolidation across the crypto sector.

Fed Chair Warsh to note they have no tolerance for persistently elevated inflation

According to the prepared remarks that Fed Chairman Kevin Warsh will deliver during his testimony on the Semiannual Monetary Policy Report before the US House Financial Services Committee, he will note that the Fed has no tolerance for persistently elevated inflation.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.