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.

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