- Gold trades around a multi-month bullish trendline for the ninth straight day.
- The Sept. 8 low is now the level to beat for the bears.
Gold is flirting with a six-month-rising trendline for the ninth consecutive trading day.
At press time, the metal is trading just short of the ascending trendline at $1,956. The safe-haven metal hit a low of $1,906.80 on Sept. 8 and rose to a high of $1,972 on Tuesday.
However, throughout the recovery rally, the bulls have persistently struggled to establish a foothold above the trendline hurdle. Meanwhile, bears have had a tough capitalizing on the occasional bull failure at the trendline hurdle. For instance, the ascending trendline was breached on Sept. 8 and Sept. 11. However, on both occasions, the follow-through was bullish.
As such, the trendline is no longer relevant for technical traders, and key levels to watch out for are the Sept. 15 high of $1,972 and Sept. 8 low of $1,906.80.
A close above $1,972 would invalidate the bearish lower highs on the daily chart and signal a broader bull trend revival. Alternatively, a close below $1,906 would imply a bearish reversal.
|Today last price||1955.4|
|Today Daily Change||1.17|
|Today Daily Change %||0.06|
|Today daily open||1954.23|
|Previous Daily High||1972.23|
|Previous Daily Low||1948.48|
|Previous Weekly High||1966.54|
|Previous Weekly Low||1906.62|
|Previous Monthly High||2075.32|
|Previous Monthly Low||1863.24|
|Daily Fibonacci 38.2%||1957.55|
|Daily Fibonacci 61.8%||1963.16|
|Daily Pivot Point S1||1944.4|
|Daily Pivot Point S2||1934.56|
|Daily Pivot Point S3||1920.65|
|Daily Pivot Point R1||1968.15|
|Daily Pivot Point R2||1982.06|
|Daily Pivot Point R3||1991.9|
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