Gold Price Analysis: XAU/USD gains 0.18%, looks to re-enter rising channel

Gold picks up a bid, probes the lower end of a rising channel.
Failure to retake bullish channel could invite stronger chart-driven selling.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,902, representing a 0.18% gain on the day.

Having picked up a bid at $1,897 early today, the yellow metal is now looking to re-enter the bearish channel represented by trendlines connecting Sept. 28 and Oct. 7 lows and Oct.2 and Oct. 12 highs.

If followed by a move below the session low of $1,897, a failure to retake the bullish channel would confirm an end of bounce from the Sept. 28 low of $1,848 and open the doors for a fresh sell-off.

Alternatively, a break above Friday's high of $1,913 would validate the bullish reading on the daily chart MACD histogram and shift the focus to the 50-day simple moving average (SMA), currently at $1,924.

Daily chart

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price	1901.6
Today Daily Change	0.90
Today Daily Change %	0.05
Today daily open	1900.7

Trends
Daily SMA20	1895.11
Daily SMA50	1927.33
Daily SMA100	1871.63
Daily SMA200	1753.02

Levels
Previous Daily High	1914.04
Previous Daily Low	1897.86
Previous Weekly High	1933.3
Previous Weekly Low	1882.46
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1904.04
Daily Fibonacci 61.8%	1907.86
Daily Pivot Point S1	1894.36
Daily Pivot Point S2	1888.02
Daily Pivot Point S3	1878.18
Daily Pivot Point R1	1910.54
Daily Pivot Point R2	1920.38
Daily Pivot Point R3	1926.72

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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