Gold Price Analysis: XAU/USD defends Friday's low

Gold bulls defend support of Friday's low of $1,897.
The yellow metal is trapped in a descending triangle on the 15-minute chart.

Omkar Godbole FXStreet Contributor

While gold (XAU/USD) has bounced up from Friday's low of $1,897, the yellow metal is still trapped in a descending channel, as seen on the 15-minute chart.

A move above the top end of the triangle, currently at $1,903, would confirm a breakout and open the doors for the Oct. 2 high of $1,917.

Alternatively, acceptance below $1,897 – the lower end of the triangle – would reinforce the bearish view put forward by the hourly chart rising wedge breakdown confirmed on Friday and expose the 100-day SMA at $1,855.

At press time, gold is trading at $1,900 per ounce.

Hourly and 15-min charts

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price	1900.2
Today Daily Change	2.88
Today Daily Change %	0.15
Today daily open	1897.32

Trends
Daily SMA20	1916.56
Daily SMA50	1945.54
Daily SMA100	1854.2
Daily SMA200	1734.81

Levels
Previous Daily High	1917.16
Previous Daily Low	1889.93
Previous Weekly High	1917.16
Previous Weekly Low	1848.82
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1900.33
Daily Fibonacci 61.8%	1906.76
Daily Pivot Point S1	1885.78
Daily Pivot Point S2	1874.24
Daily Pivot Point S3	1858.55
Daily Pivot Point R1	1913.01
Daily Pivot Point R2	1928.7
Daily Pivot Point R3	1940.24

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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