Gold Price Analysis: XAU/USD rises over 1%, nears rising wedge hurdle

Gold has rallied to fresh nine-year highs above $1,865.
The metal looks to have carved out a rising wedge pattern on the daily chart.

Omkar Godbole FXStreet Contributor

Gold is flashing green for the fourth straight day. At press time, the yellow metal is trading at $1,862 per ounce, representing a 1.10% gain on the day. Prices gained 1.28%, 0.48%, and 0.68% on Tuesday, Monday, and Friday, respectively.

Breaking: Gold jumps $15 to renew nine-year highs above $1865

Rising wedge on the daily

The metal printed a session high of $1,866 a few minutes ago and nearly tested the upper end of the rising wedge pattern, represented by trendlines connecting March 20 and June 5 lows and March 9 and April 14 highs.

The technical bias would turn bearish if the metal dives out of the rising wedge pattern. At press time, the lower end or support of the rising wedge is located at $1,803. The support would shift higher to $1,825 by the end of July.

Take note that the likes of CitiGroup and Goldman Sachs expect gold to set a new record high above $1,920 in the near-term.

Daily chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price	1860.47
Today Daily Change	18.64
Today Daily Change %	1.01
Today daily open	1841.83

Trends
Daily SMA20	1792.61
Daily SMA50	1753.44
Daily SMA100	1701.28
Daily SMA200	1611.97

Levels
Previous Daily High	1843.54
Previous Daily Low	1815.9
Previous Weekly High	1815.1
Previous Weekly Low	1790.42
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1832.98
Daily Fibonacci 61.8%	1826.46
Daily Pivot Point S1	1823.97
Daily Pivot Point S2	1806.12
Daily Pivot Point S3	1796.33
Daily Pivot Point R1	1851.61
Daily Pivot Point R2	1861.4
Daily Pivot Point R3	1879.25

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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