- 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.
|Today last price||1828.78|
|Today Daily Change||0.38|
|Today Daily Change %||0.02|
|Today daily open||1828.4|
|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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