Gold Price Analysis: XAU/USD stays below 100-hour SMA

Gold's bounce from recent low has stalled near the 100-day SMA.
The metal has carved out an inverse head-and-shoulders pattern.

Omkar Godbole FXStreet Contributor

Gold is currently trading near $1,786 per ounce, having failed to keep gains above the 100-hour Simple Moving Average (SMA) early Monday. The average failed to take out the hurdle on Friday.

Repeated rejection could bring in more chart-driven selling, yielding a re-test of the recent low of $1,760.

The immediate bias will turn bullish if the yellow metal crosses above the hourly chart inverse head-and-shoulders neckline hurdle of $1,792.

A breakout would create room for a rally to above $1,820 (target as per the measured move method).

Hourly chart

Trend: Bullish above $1,792

Technical levels

XAU/USD

Overview
Today last price	1785.91
Today Daily Change	3.87
Today Daily Change %	0.22
Today daily open	1782.04

Trends
Daily SMA20	1823.3
Daily SMA50	1853.19
Daily SMA100	1864.08
Daily SMA200	1859.14

Levels
Previous Daily High	1791.68
Previous Daily Low	1760.72
Previous Weekly High	1827.11
Previous Weekly Low	1760.72
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1779.85
Daily Fibonacci 61.8%	1772.55
Daily Pivot Point S1	1764.61
Daily Pivot Point S2	1747.19
Daily Pivot Point S3	1733.65
Daily Pivot Point R1	1795.57
Daily Pivot Point R2	1809.11
Daily Pivot Point R3	1826.53

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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