Gold Price Analysis: XAU/USD risks ending 3-day winning trend

  • Gold's hourly chart shows a bearish divergence of RSI. 
  • The metal could snap its three-day winning streak. 

Gold gained over 0.5% to $1,840 per ounce on Thursday, confirming a three-day winning streak and erasing more than 505 of the previous week's decline from $14,869 to $1,774. 

However, the recovery rally could run out of steam, as the hourly chart has violated the trendline rising from recent lows. Further, the hourly chart Relative Strength Index has created lower highs, contradicting higher highs on the price chart. The bearish divergence indicates the bounce from the previous week's low has run out of steam. 

The hourly chart shows immediate support is located at $1,823. A violation there would expose the 5-day Simple Moving Average at $1,819. On the higher side, resistance is seen at $1,850. The metal is currently trading at $1,838 per ounce. 

Hourly chart

Trend: Bearish

Technical levels


Today last price 1838.32
Today Daily Change -3.94
Today Daily Change % -0.21
Today daily open 1842.26
Daily SMA20 1850.33
Daily SMA50 1879.89
Daily SMA100 1910.72
Daily SMA200 1802.66
Previous Daily High 1844.02
Previous Daily Low 1823.77
Previous Weekly High 1876.14
Previous Weekly Low 1774.4
Previous Monthly High 1965.58
Previous Monthly Low 1764.6
Daily Fibonacci 38.2% 1836.28
Daily Fibonacci 61.8% 1831.51
Daily Pivot Point S1 1829.35
Daily Pivot Point S2 1816.43
Daily Pivot Point S3 1809.1
Daily Pivot Point R1 1849.6
Daily Pivot Point R2 1856.93
Daily Pivot Point R3 1869.85



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