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.

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

 

 

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