Gold Price Analysis: XAU/USD pullback from $1,900 highlights immediate rising wedge

Gold snaps two-day winning streak following its pullback from $1,899.38.
200-HMA offers immediate support ahead of the bearish pattern’s lower line.
Bulls need a clear break beyond September 22 for confirmation.

Anil Panchal FXStreet

Gold prices bounce off an intraday low of $1,892.72 to $1,896.70 amid Wednesday’s Asian session. The yellow metal recently dropped after the US presidential debate questioned market sentiment. Technically, a three-day-old rising wedge formation on the hourly chart keeps sellers hopeful even as 200-HMA probes immediate downside.

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Hence, bears are waiting for a clear break of the $1,891.80 support line to confirm the bearish chart play, which in turn can drag the quote towards the monthly low near $1,850/49.

In doing so, September 24 top close to $1,877 can offer an intermediate halt while the early July top near $1,818 can lure gold traders below $1,849.

Alternatively, a clear bounce off the 200-HMA level of $1,894.60 can again attack $1,900 whereas a confluence of 50% Fibonacci retracement of September 18-24 declines and the upper line of the wedge, near $1,905, can question the gold buyers afterward.

Even if the yellow metal rises past-$1,905, the bulls are less likely to be convinced as 61.8% Fibonacci retracement and September 22 peak can probe further upside around $1,918/20.

Gold hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1895.62
Today Daily Change	-2.51
Today Daily Change %	-0.13%
Today daily open	1898.13

Trends
Daily SMA20	1922.48
Daily SMA50	1944.98
Daily SMA100	1849.21
Daily SMA200	1728.9

Levels
Previous Daily High	1899.12
Previous Daily Low	1875.62
Previous Weekly High	1955.66
Previous Weekly Low	1848.84
Previous Monthly High	2075.32
Previous Monthly Low	1863.24
Daily Fibonacci 38.2%	1890.14
Daily Fibonacci 61.8%	1884.6
Daily Pivot Point S1	1882.79
Daily Pivot Point S2	1867.46
Daily Pivot Point S3	1859.29
Daily Pivot Point R1	1906.29
Daily Pivot Point R2	1914.46
Daily Pivot Point R3	1929.79

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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