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.

Omkar Godbole FXStreet Contributor

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

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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