Gold Price Analysis: XAU/USD jumps to highest since Nov. 9

Gold teases a bullish breakout with a move to near two-month highs.
Major resistance is now located above $1,960, according to the daily chart.

Omkar Godbole FXStreet Contributor

Gold is trading at $1,915 per ounce at press time. That's the highest level in nearly two months.

The daily chart shows the metal is breaking out of a five-month falling channel represented by trendlines connecting Aug. 7 and Nov. 9 highs and Sept. 24 and Nov. 30 lows.

A daily close above $1,904 would confirm the bullish breakout and open the doors for $1,965 (Nov. 9 high). The 14-day Relative Strength Index (RSI) has already breached resistance at 62.00 in favor of the bulls.

The bias would turn bearish if the higher low of $1,857 created on Dec. 23 is breached.

Daily chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price	1916.48
Today Daily Change	18.04
Today Daily Change %	0.95
Today daily open	1898.44

Trends
Daily SMA20	1868.71
Daily SMA50	1866.14
Daily SMA100	1894.61
Daily SMA200	1831.6

Levels
Previous Daily High	1900.99
Previous Daily Low	1897.24
Previous Weekly High	1901.02
Previous Weekly Low	1869.32
Previous Monthly High	1906.87
Previous Monthly Low	1775.52
Daily Fibonacci 38.2%	1898.67
Daily Fibonacci 61.8%	1899.56
Daily Pivot Point S1	1896.79
Daily Pivot Point S2	1895.14
Daily Pivot Point S3	1893.04
Daily Pivot Point R1	1900.54
Daily Pivot Point R2	1902.64
Daily Pivot Point R3	1904.29

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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