Gold Price Analysis: XAU/USD eyes 10-day SMA hurdle


  • Gold looks north after Tuesday's bullish marubozu candle. 
  • The 10-day SMA is likely to offer resistance ner $1,819.

Gold is currently trading largely unchanged on the day near $1,814 per ounce. 

The yellow metal could test and possibly break above the descending 10-day Simple Moving Average (SMA) at $1,819, as Monday's bullish marubozu candle shows buyers have regained control. 

A bullish marubozu occurs when buyers control the price action from the opening bell to the closing bell. More substantial gains often follow the candlestick pattern. 

Acceptance above the 10-day SMA would shift the focus to the former support-turned-hurdle at $1,850. Alternatively, a failure to beat the 10-day SMA resistance would strengthen the odds of a re-test of Tuesday's low of $1,775. 

Daily chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price 1813.38
Today Daily Change -1.13
Today Daily Change % -0.06
Today daily open 1814.51
 
Trends
Daily SMA20 1859.5
Daily SMA50 1881.1
Daily SMA100 1910.09
Daily SMA200 1800.64
 
Levels
Previous Daily High 1817.37
Previous Daily Low 1775.52
Previous Weekly High 1876.14
Previous Weekly Low 1774.4
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1801.38
Daily Fibonacci 61.8% 1791.51
Daily Pivot Point S1 1787.56
Daily Pivot Point S2 1760.62
Daily Pivot Point S3 1745.71
Daily Pivot Point R1 1829.41
Daily Pivot Point R2 1844.32
Daily Pivot Point R3 1871.26

 

 

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