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.

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.

Follow: Four more years or time for change? – Live coverage

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

 

 

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