Gold Technical Analysis: Breakout confirmed on weekly, Doji on D1

Gold's weekly chart is reporting a bull flag breakout.
The daily chart is signaling bullish exhaustion.
The conflicting signals indicate a pullback may precede big gains.

Omkar Godbole FXStreet Contributor

Gold is currently trading at $1,515 per Oz, representing a 0.25% gain on the day.

The yellow metal closed last week with 2.22% gains at $1,511, confirming a flag breakout on the weekly chart.

The pattern indicates the pullback from September highs above $1,555 has ended and the rally from lows near $1,270 seen in April-May has resumed. The flag breakout has opened the doors for a retest of highs above $1,555.

The big gains, however, may not happen immediately, as Friday's Doji candle coupled with an above-70 reading on the 14-day relative strength index is signaling bullish exhaustion.

The metal may drop to the ascending 5-day moving average at $1,506. The bullish weekly chart outlook would be invalidated if prices find acceptance under the last week's low of $1,477.

Weekly chart

Daily chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price	1514.85
Today Daily Change	3.98
Today Daily Change %	0.26
Today daily open	1510.87

Trends
Daily SMA20	1479.35
Daily SMA50	1478.52
Daily SMA100	1492.7
Daily SMA200	1418.83

Levels
Previous Daily High	1517.4
Previous Daily Low	1507.5
Previous Weekly High	1517.4
Previous Weekly Low	1477.55
Previous Monthly High	1515.38
Previous Monthly Low	1445.8
Daily Fibonacci 38.2%	1511.28
Daily Fibonacci 61.8%	1513.62
Daily Pivot Point S1	1506.45
Daily Pivot Point S2	1502.02
Daily Pivot Point S3	1496.55
Daily Pivot Point R1	1516.35
Daily Pivot Point R2	1521.82
Daily Pivot Point R3	1526.25

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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