Gold Price Analysis: XAU/USD needs 21-day SMA breakout to keep intraday gains

Gold probes intraday high, snaps two day downtrend.
Sustained trading below 50-day, 21-day SMAs, challenge buyers amid normal RSI conditions.
Two-week-old horizontal support, 200-day SMA on the bears’ radars.

Anil Panchal FXStreet

Gold rises to $1,838.60, up 0.15% intraday, during early Friday. The yellow metal recently refreshed the day’s high to $1,839.55, which in turn allowed it to defy the previous two days’ downside momentum.

However, 21-day SMA, currently around $1,841, guards the immediate upside amid normal RSI conditions.

Even if the gold buyers manage to cross $1,841, 50-day SMA near $1,875 and the mid-November top near $1,900 will test the metal’s upside momentum.

Meanwhile, a sustained trading below the key short-term SMAs directs the quote towards lows marked during late November, around $1,818/17.

In a case where the gold sellers dominate past-$1,817, the 200-day SMA level of $1,809 and the $1,800 round-figure will provide strong support to prices.

Gold daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1837.32
Today Daily Change	1.70
Today Daily Change %	0.09%
Today daily open	1835.62

Trends
Daily SMA20	1841.06
Daily SMA50	1876.13
Daily SMA100	1910.88
Daily SMA200	1808.51

Levels
Previous Daily High	1850.07
Previous Daily Low	1828.73
Previous Weekly High	1848.3
Previous Weekly Low	1764.6
Previous Monthly High	1965.58
Previous Monthly Low	1764.6
Daily Fibonacci 38.2%	1836.88
Daily Fibonacci 61.8%	1841.92
Daily Pivot Point S1	1826.21
Daily Pivot Point S2	1816.8
Daily Pivot Point S3	1804.87
Daily Pivot Point R1	1847.55
Daily Pivot Point R2	1859.48
Daily Pivot Point R3	1868.89

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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