Gold Price News and Forecast: Breakout confirmed on gold's weekly, Doji on D1

Yohay Elam FXStreet

Gold: Bulls pay a little heed to trade/political headlines while nearing multi-week top

Gold prices remain under pressure around $1,510.85 amid the early Asian trading on Monday. In doing so, the yellow metal ignores the weekend news that should have been provided additional fuel to the safe-havens run-up beyond the nine-week high.

Cautious optimism surrounding the phase-one deal got another puzzle to solve during the weekend, which came from the South China Morning Post (SCMP).

Gold Technical Analysis: Breakout confirmed on weekly, Doji on D1

Gold is currently trading at $1,515 per Oz, representing a 0.25% gain on the day.

The yellow metal closed last week with 2.22% gains at $1,511, confirming a flag breakout on the weekly chart.

The pattern indicates the pullback from September highs above $1,555 has ended and the rally from lows near $1,270 seen in April-May has resumed. The flag breakout has opened the doors for a retest of highs above $1,555.

XAU/USD

Overview
Today last price	1514.86
Today Daily Change	3.99
Today Daily Change %	0.26
Today daily open	1510.87

Trends
Daily SMA20	1479.35
Daily SMA50	1478.52
Daily SMA100	1492.7
Daily SMA200	1418.83

Levels
Previous Daily High	1517.4
Previous Daily Low	1507.5
Previous Weekly High	1517.4
Previous Weekly Low	1477.55
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1511.28
Daily Fibonacci 61.8%	1513.62
Daily Pivot Point S1	1506.45
Daily Pivot Point S2	1502.02
Daily Pivot Point S3	1496.55
Daily Pivot Point R1	1516.35
Daily Pivot Point R2	1521.82
Daily Pivot Point R3	1526.25

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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