Gold technical analysis: 100-month MA is a level to beat for the bulls

Gold has risen to 100-month MA – a technical level which capped upside in 2018.
A close above the 100-month MA would open up upside toward $1,433.

Omkar Godbole FXStreet Contributor

Gold (XAU/USD) is struggling to cut through key technical line which proved a tough nut to crack in 2018.

The yellow metal rose to $1,358 on Friday, but the break above the 100-month moving average (MA), currently flatlined at $1,351 was short-lived with prices falling back to $1,136 earlier today. As of writing, gold is currently trading at $1,342 per Oz.

It is worth noting that the 100-month moving average capped upside in four months to April 2018 and the repeated failure to close out above the long-term average ended up fueling a sell-off to $1,160 by August.

Hence, a monthly close above the crucial average of $1,351 is needed to confirm a long-term bullish breakout. That would open the doors to $1,433 (August 2013 high).

Monthly chart

Trend: Bullish above 100-month MA

Pivot levels

1. R3 1374.02
2. R2 1366.11
3. R1 1354.02
PP 1346.11
1. S1 1334.02
2. S2 1326.11
3. S3 1314.02

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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