Gold Technical Analysis: Awaits falling wedge breakout

  • The USD, gold's biggest nemesis, took a beating yesterday. As a result, the yellow jumped from $1,214 to $1,237.
  • As of writing, it is trading at $1,232/Oz and has created a falling wedge pattern on the 15-minute chart. A break above the upper edge of the wedge, currently at $1,233, would signal a resumption of the rally and open up upside toward $1,250. On the way higher, the metal may encounter resistance at yesterday's high of $1,237.
  • The higher lows pattern on the daily chart indicates the falling wedge is more likely to be breached on the higher side.

15-minute chart

Trend: Bullish

XAU/USD

Overview:
    Last Price: 1231.46
    Daily change: -1.7e+2 pips
    Daily change: -0.141%
    Daily Open: 1233.2
Trends:
    Daily SMA20: 1226.46
    Daily SMA50: 1209.96
    Daily SMA100: 1207.03
    Daily SMA200: 1247.31
Levels:
    Daily High: 1237.6
    Daily Low: 1214.4
    Weekly High: 1243.43
    Weekly Low: 1219.9
    Monthly High: 1243.43
    Monthly Low: 1182.54
    Daily Fibonacci 38.2%: 1228.74
    Daily Fibonacci 61.8%: 1223.26
    Daily Pivot Point S1: 1219.2
    Daily Pivot Point S2: 1205.2
    Daily Pivot Point S3: 1196
    Daily Pivot Point R1: 1242.4
    Daily Pivot Point R2: 1251.6
    Daily Pivot Point R3: 1265.6

 

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