Gold Price Analysis: XAU/USD hovers near $1,900, daily chart shows bearish pattern

Gold's daily chart shows a descending triangle breakdown.
Key indicators have aligned in favor of the bears.

Omkar Godbole FXStreet Contributor

The path of least resistance for gold appears to be on the downside, as the yellow metal's daily chart shows a bearish pattern, and the US dollar is breaking higher from its multi-week trading range.

The metal closed Tuesday with a 0.66% loss at $1,899 per ounce, confirming a downside break of a descending triangle represented by trendline connecting Aug. 18 and Sept. 1 highs and Aug. 26 and Sept. 8 lows.

The triangle breakdown indicates the four-week price consolidation has ended, and the pullback from the Aug. 7 record high of $2,075 has resumed.

The breakdown is backed by a below-50 or bearish reading on the 14-day relative strength index and descending 5- and 10-day simple moving averages.

The MACD histogram is again printing deeper bars below the zero line – a sign of the strengthening of the bearish momentum.

As such, the metal risks falling to the Aug. 12 low of $1,863. A close above the descending 10-day SMA, currently at $1,936, is needed to invalidate the bearish view.

Daily chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1901.78
Today Daily Change	1.61
Today Daily Change %	0.08
Today daily open	1900.17

Trends
Daily SMA20	1943.11
Daily SMA50	1939.07
Daily SMA100	1840.53
Daily SMA200	1719.01

Levels
Previous Daily High	1920.04
Previous Daily Low	1894.79
Previous Weekly High	1973.64
Previous Weekly Low	1932.88
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1904.44
Daily Fibonacci 61.8%	1910.39
Daily Pivot Point S1	1889.96
Daily Pivot Point S2	1879.75
Daily Pivot Point S3	1864.71
Daily Pivot Point R1	1915.21
Daily Pivot Point R2	1930.25
Daily Pivot Point R3	1940.46

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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