Gold Price Analysis: XAU/USD dives out of a triangle pattern on the 15-min chart

Omkar Godbole FXStreet Contributor

Gold is currently trading near $1,717 per ounce, representing a 0.25% drop on the day.

The 15-minute chart shows the metal has dived out of a narrowing price range, or triangle pattern, opening the doors for an extension of the pullback from Thursday's high of $1,740.

That, alongside the bearish view put forward by the long upper wick attached to Thursday's candle, suggests scope for a re-test of the recent low of $1,676.

A close above Thursday's high of $1,740 is needed to invalidate the selling pressure.

Hourly chart

View: Bearish

Technical levels

XAU/USD

Overview
Today last price	1717
Today Daily Change	-5.61
Today Daily Change %	-0.33
Today daily open	1723.72

Trends
Daily SMA20	1754.58
Daily SMA50	1815.14
Daily SMA100	1840.66
Daily SMA200	1859.94

Levels
Previous Daily High	1739.93
Previous Daily Low	1719.33
Previous Weekly High	1759.98
Previous Weekly Low	1687.37
Previous Monthly High	1871.9
Previous Monthly Low	1717.24
Daily Fibonacci 38.2%	1727.2
Daily Fibonacci 61.8%	1732.06
Daily Pivot Point S1	1715.39
Daily Pivot Point S2	1707.06
Daily Pivot Point S3	1694.79
Daily Pivot Point R1	1735.99
Daily Pivot Point R2	1748.26
Daily Pivot Point R3	1756.59

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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