Gold Price Analysis: XAU/USD hovers within the range of Wednesday's Doji candle

Gold's daily chart shows signs of indecision in the market.
Wednesday's high and low are levels to beat for bulls and bears, respectively.

Omkar Godbole FXStreet Contributor

Gold is currently hovering near $1,810 per ounce, having formed a Doji candle on Wednesday with a back-and-forth trading in the range of $1,801 to $1,818.

A Doji candle represents indecision in the market and makes the following day's close pivotal.

In other words, the next move in gold depends on Thursday's close. Acceptance above the Doji candle's high of 1,818 would mean the period of indecision has ended with a bull victory and could yield a re-test of the former support-turned-hurdle at $1,880.

Alternatively, a close below $1,801 (Doji's low) would imply a continuation of the sell-off from the Nov. 9 high of $1,965. That said, the widely-tracked 200-day Simple Moving Average (SMA) is located near $1,798, that is, just below the Doji candle's low of $1,801.

As such, the 200-day SMA is the level to beat for the bears.

Daily chart

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price	1811.41
Today Daily Change	4.63
Today Daily Change %	0.26
Today daily open	1806.78

Trends
Daily SMA20	1877.54
Daily SMA50	1891.48
Daily SMA100	1910.36
Daily SMA200	1797.38

Levels
Previous Daily High	1817.8
Previous Daily Low	1801.7
Previous Weekly High	1899.14
Previous Weekly Low	1852.8
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1807.85
Daily Fibonacci 61.8%	1811.65
Daily Pivot Point S1	1799.72
Daily Pivot Point S2	1792.66
Daily Pivot Point S3	1783.62
Daily Pivot Point R1	1815.82
Daily Pivot Point R2	1824.86
Daily Pivot Point R3	1831.92

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD eyes 100-SMA hurdle near 0.7035 as hawkish RBA counters firmer USD

AUD/USD regains positive traction on Tuesday and climbs to 0.7030 during the Asian session, reversing the previous day's corrective slide from a one-month high as hawkish RBA rate expectations continue to support the Aussie. Spot prices, however, remain below the 100-day SMA pivotal resistance amid a firmer US Dollar as traders brace for Australia’s September CPI report on Wednesday ahead of the Fed rate decision.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold sticks to intraday losses around $4,000 as USD stays firm ahead of FOMC

Gold maintains its offered tone through the first half of Tuesday’s European session, with bearish traders looking to extend the slide further below the $4,000 psychological mark amid a broadly firmer US Dollar. The precious metal, however, holds above the three-month low touched on Monday, as traders refrain from placing aggressive directional bets and opt to wait for the outcome of the two-day FOMC policy meeting on Wednesday.

Pi Network stalls as weak crypto sentiment caps recovery

Pi Network (PI) holds steady above $0.0760 at press time on Tuesday, stalling after a roughly 2% rebound the previous day. The broader market's weak sentiment and reduced trading volume weigh on the PI token. The technical outlook is bearish, with price capped below a long-term resistance trendline and weak momentum.

France tests the Euro's nerve: What the OAT spread is telling FX traders

France's 10-year borrowing premium over Germany hit its widest since the 2011 debt crisis last week. With public spending above 57% of GDP, unrest on the streets and a presidential election next spring, cuts look unlikely. If Paris cannot trim, the bill may be paid quietly through financial repression.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.