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


Today last price 1809.6
Today Daily Change 4.86
Today Daily Change % 0.27
Today daily open 1804.74
Daily SMA20 1818.59
Daily SMA50 1851.8
Daily SMA100 1862.3
Daily SMA200 1859.82
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Demand for high-yielding assets likely to continue

The EUR/USD pair reached1.2171 last Friday, its highest since March 1, closing the week a few pips below such a high. Wall Street reached all-time highs, while US government bond yields plunged. EUR/USD is overbought but still has room to extend its advance.


GBP/USD: Scottish election’s result may take its toll on pound

 The British Pound took advantage of the broad dollar’s weakness, and GBP/USD  surged to 1.4005, retreating just modestly ahead of the close to settle around 1.3990. GBP/USD is technically bullish, could advance once above 1.4015 resistance.


Gold could target 200-day SMA

Gold extended its rally after surging above $1,800 on Thursday. During the first half of the week, the XAU/USD pair struggled to rise above $1,800 and fluctuated in a horizontal channel. The next target on the upside aligns at $1,850.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more