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.

AUD/USD remains under presure above 0.7000; focus on data

AUD/USD has met some renewed selling pressure on Thursday, coming down from tops near 0.7040 to revisit the 0.7000 region ahead of the opening bell in Asia. The pair’s daily decline has come despite a lacklustre performance in the Greenback at the time when investors continued to monitor developments from the Middle East. Looking ahead, the release of flash PMIs will grab the attention in Oz at the end of the week.

USD/JPY declines to a one-week low; eyes trading range support near 157.50 on weaker USD

USD/JPY drops to a one-week low during Thursday’s Asian session, with bears now awaiting a break below multi-week range support near mid-157.00s before placing fresh bets amid a broadly weaker US Dollar. Despite bets for a December Fed rate hike and Middle East jitters, the recent decline in US bond yields keeps USD depressed near a three-week low. Moreover, hawkish BoJ expectations and intervention risks underpin the Japanese Yen, further weighing on the currency pair.

Gold remains offered just above $4,000

Gold prices resume their decline on Thursday, easing toward the area of two-month lows around $4,050 per troy ounce. Higher crude oil prices have reignited speculation of further tightening by the Fed, supporting the US Dollar and weighing on the precious metal.

The estimates keep falling: Why Bitcoin's quantum countdown is accelerating

The threat that Artificial Intelligence (AI) and quantum computing pose to Bitcoin (BTC) and cryptocurrencies in general is no longer a matter of if hardware will catch up; it is a matter of when. Advances in AI-assisted research are adding a new dimension to the quantum computing threat, although neither technology can currently break Bitcoin’s cryptography on its own.

The Bank of England just got its clearest reason to hike. Here's what it's really watching

UK inflation as measured by the CPI accelerated to 3.5% YoY in September, up from 3.1% in August, according to the Office for National Statistics. This is the highest level since October 2025, exceeding economists' expectations of 3.4% and pushing inflation further from the BoE's 2% target.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.