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.

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