Gold Price News and Forecast: XAU/USD probes pennant resistance

FXStreet Team FXStreet

Gold Price Analysis: Probes pennant resistance

Gold tested key resistance a few minutes ago, which, if breached, could accelerate the broader uptrend that has been in place since November. The yellow metal ran into $1,584 – the top end of the pennant pattern (series of lower highs and higher lows) created over the last 6 weeks.

A pennant breakout would be confirmed if prices close Monday above $1,584, signaling a continuation of the rally from the Nov. 26 low of $1,463 and open the doors for a test and possible break above the recent high of $1,611.

Gold: Firm around two-week top beyond $1580 as risk-off continues

Gold prices stay mildly positive, +0.08%, to $1,583.84 during the early Asian session on Monday. The yellow metal remains on the front foot amid the market’s fears emanating from China’s coronavirus. The latest Brexit-negative headlines also contribute to the risk aversion.

Be it more than 300 billion Chinese yuan liquidity infusion or announcing corporate tax cuts and an increase in fiscal spending, the diplomats in China are trying from all corners to placate markets. However, they have been less successful so far.

XAU/USD

Overview
Today last price	1582.62
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	1582.62

Trends
Daily SMA20	1569.95
Daily SMA50	1536.68
Daily SMA100	1509.2
Daily SMA200	1466.39

Levels
Previous Daily High	1584.36
Previous Daily Low	1573.14
Previous Weekly High	1584.36
Previous Weekly Low	1561.99
Previous Monthly High	1611.53
Previous Monthly Low	1517.1
Daily Fibonacci 38.2%	1580.07
Daily Fibonacci 61.8%	1577.43
Daily Pivot Point S1	1575.72
Daily Pivot Point S2	1568.82
Daily Pivot Point S3	1564.5
Daily Pivot Point R1	1586.94
Daily Pivot Point R2	1591.26
Daily Pivot Point R3	1598.16

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