Gold Price Analysis: XAU/USD's upside capped buy 5-week SMA


  • Gold struggles to penetrate the 5-week SMA hurdle. 
  • While gold is up 1% on the week, an 11-month descending trendline is still intact.

Gold trades near $1,810 per ounce at press time, having failed to take out the descending or bearish 5-week Simple Moving Average of $1,816 on Tuesday. 

The sellers failed to establish a foothold under the November low of $1,764 last week, and the metal has risen by more than 1% this week. 

Even so, it's too early to call a bullish reversal, as the descending trendline falling from the record high of $2,075 reached in August is still intact. 

A convincing weekly close above the trendline would imply an end of the pullback from record highs and a resumption of the broader uptrend from the March 2020 low of $1,451.

The bearish bias would strengthen if the metal drops below the weekly low of $1,781.

Weekly chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price 1809.6
Today Daily Change 4.86
Today Daily Change % 0.27
Today daily open 1804.74
 
Trends
Daily SMA20 1818.59
Daily SMA50 1851.8
Daily SMA100 1862.3
Daily SMA200 1859.82
 
Levels
Previous Daily High 1816.07
Previous Daily Low 1795.66
Previous Weekly High 1827.11
Previous Weekly Low 1760.72
Previous Monthly High 1959.42
Previous Monthly Low 1802.8
Daily Fibonacci 38.2% 1803.46
Daily Fibonacci 61.8% 1808.27
Daily Pivot Point S1 1794.91
Daily Pivot Point S2 1785.08
Daily Pivot Point S3 1774.5
Daily Pivot Point R1 1815.32
Daily Pivot Point R2 1825.9
Daily Pivot Point R3 1835.73

 

 

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