Gold Price Analysis: XAU/USD pierces $1,800 inside short-term bullish flag


  • Gold prices extend recoveries from $1,798.14, defies two-day losing streak.
  • A seven-day-old bullish technical pattern, sustained trading beyond immediate support favor the buyers.
  • 200-HMA offers additional downside support, bulls will cheer break of $1,811.60.

Gold prices print mild gains of 0.12% while taking the bids near $1,801.30 during the initial hour of Tokyo open on Monday. The yellow metal portrays a bullish flag on the hourly chart while keeping its trading momentum beyond a seven-day-old support line and 200-HMA.

Considering the bullion’s repeated bounces off near-term key supports, coupled with the MACD conditions, buyers may aim for $1,805 as an immediate resistance ahead of confirming its further run-up. In doing so, $1,811.60 holds the key to challenging the recent high, also the highest since late-2011, around $1,818.20.

It’s worth mentioning that the late-August 2011 tops near $1,840 might offer intermediate halts during the precious metal’s rise to the record high above $1921.

Alternatively, an upward sloping trend line from July 02, at $1,795.90 now, can become immediate support ahead of the said flag’s lower line near $1,792.30.

If at all the sellers defy the bullish formation, a 200-HMA level of $1,788 will validate the quote’s further weakness.

Gold hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price 1801.34
Today Daily Change 2.14
Today Daily Change % 0.12%
Today daily open 1799.2
 
Trends
Daily SMA20 1766.72
Daily SMA50 1737.9
Daily SMA100 1688.1
Daily SMA200 1600.95
 
Levels
Previous Daily High 1810.74
Previous Daily Low 1794.24
Previous Weekly High 1818.17
Previous Weekly Low 1770.16
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1800.54
Daily Fibonacci 61.8% 1804.44
Daily Pivot Point S1 1792.05
Daily Pivot Point S2 1784.89
Daily Pivot Point S3 1775.55
Daily Pivot Point R1 1808.55
Daily Pivot Point R2 1817.89
Daily Pivot Point R3 1825.05

 

 

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