Gold Price Analysis: XAU/USD jumps to one-month high

Gold hits a one-month high of $1,753 on Monday.
Technical indicators call a re-test of 2020 highs.

Omkar Godbole FXStreet Contributor

Gold is better bid at press time with technical charts reporting bullish patterns.

The yellow metal is currently changing hands at $1,753 per ounce, the highest level since May 20.

The daily chart MACD and the signal line are reporting a falling channel breakout and the hourly price chart is showing a symmetrical triangle breakout. These patterns indicate that the recovery rally from the June 5 low of $1,670 has resumed and prices could rise to the 2020 high of $1,765 reached on May 18.

Acceptance above that level would expose the psychological hurdle of $1,800. On the downside, a close below $1,704 (June 15 high) is needed to invalidate the bullish setup.

Daily chart

Trend: Bullish

Technical levels

1. R3 1776.38
2. R2 1760.92
3. R1 1752.53
PP 1737.07
1. S1 1728.68
2. S2 1713.22
3. S3 1704.83

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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