Gold Price Analysis: XAU/USD teases inverse head-and-shoulders on 1H below $1,900


  • Gold remains underpinned, keeps Friday’s recovery moves.
  • 200-HMA, eight-day-old resistance line offers tough resistance following the confirmation of a bullish chart pattern.
  • September lows can entertain short-term bears before highlighting early-July top.

Gold prices print mild gains of 0.16% on a day while testing $1,882 during the pre-European session trading. In doing so, the yellow metal portrays an inverse head and shoulders bullish chart pattern on the hourly (1H) formation.

With the MACD flashing bullish signals, even if mild, odds of the quote’s upside break to the pattern’s neckline, at $1,887.60 now, become brighter.

However, a confluence of 200-HMA and a falling trend line from October 21 can challenge gold buyers around $1,892 afterward. During the metal’s sustained run-up past-$1,892, the $1,900 threshold holds the key to further upside.

Alternatively, $1,873 and the previous month’s low near $1,860 can act as immediate supports ahead of highlighting the September’s low near $1,848.

While buyers are likely to return around the September bottom, any more weakness below the same might allow challenging the early-July tops near $1,818.

Gold hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1882.02
Today Daily Change 3.04
Today Daily Change % 0.16%
Today daily open 1878.98
 
Trends
Daily SMA20 1900.09
Daily SMA50 1915.66
Daily SMA100 1889.63
Daily SMA200 1770.07
 
Levels
Previous Daily High 1889.86
Previous Daily Low 1864.44
Previous Weekly High 1911.46
Previous Weekly Low 1860
Previous Monthly High 1933.3
Previous Monthly Low 1860
Daily Fibonacci 38.2% 1880.15
Daily Fibonacci 61.8% 1874.15
Daily Pivot Point S1 1865.66
Daily Pivot Point S2 1852.34
Daily Pivot Point S3 1840.24
Daily Pivot Point R1 1891.08
Daily Pivot Point R2 1903.18
Daily Pivot Point R3 1916.5

 

 

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