- 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.
|Today last price||1809.6|
|Today Daily Change||4.86|
|Today Daily Change %||0.27|
|Today daily open||1804.74|
|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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