Gold Technical Analysis: break above $1,300 elusive despite "golden crossover"

Omkar Godbole FXStreet Contributor

Gold's 50-day moving average (MA) crossed the 200-day MA from below earlier this week, confirming the golden crossover - a long-term bullish indicator.

So far, however, the golden crossover hasn't impressed the bulls. The yellow metal continues to trade in a narrowing price above $1,20. More importantly, a break above $1,300 will likely remain elusive, as the golden crossover is the result of the metal's 90-degree rally from the low of $1,196 seen on Nov. 13.

Put simply, the bulls may have run out of steam. In fact, the 14-day relative strength index (RSI) has rolled over from the overbought territory and has breached the rising trendline. As a result, a price pullback could be in the offing.

Daily chart

Trend: pullback likely

XAU/USD

Overview:
    Today Last Price: 1291.3
    Today Daily change: -59 pips
    Today Daily change %: -0.0457%
    Today Daily Open: 1291.89
Trends:
    Daily SMA20: 1282.63
    Daily SMA50: 1251.02
    Daily SMA100: 1232.26
    Daily SMA200: 1228.87
Levels:
    Previous Daily High: 1295.45
    Previous Daily Low: 1288.95
    Previous Weekly High: 1297.15
    Previous Weekly Low: 1279.35
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Daily Fibonacci 38.2%: 1291.43
    Daily Fibonacci 61.8%: 1292.97
    Daily Pivot Point S1: 1288.74
    Daily Pivot Point S2: 1285.6
    Daily Pivot Point S3: 1282.24
    Daily Pivot Point R1: 1295.24
    Daily Pivot Point R2: 1298.6
    Daily Pivot Point R3: 1301.74

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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