Gold technical analysis: Bulls back on track for a break of 2019 highs


  • Bulls committed to the upside and target a break of 1528/30s.
  • The 127.2% Fibo target is located around 1,560.

The price of the yellow metal has fliped back in a bullish trend, reversing losses seen in the prior session. The trend has been in development since a break above the 1450s and has been moving higher for the best part of August. The 1500 level was penetrated to 1480 in recent sessions but the bulls committed for a continuation, to the upside. From here, the 1528/30s come as a prior support area where the price was to be expected to hold initial tests. However, on a full-on break higher, bulls will look to the 127.2% Fibo target which is located around 1,560, guarding the Oct 2012 highs at 1795.

XAU/USD

Overview
Today last price 1516.9
Today Daily Change 0.60
Today Daily Change % 0.04
Today daily open 1516.3
 
Trends
Daily SMA20 1454.8
Daily SMA50 1413.34
Daily SMA100 1350.75
Daily SMA200 1314.11
Levels
Previous Daily High 1524.06
Previous Daily Low 1494.45
Previous Weekly High 1510.16
Previous Weekly Low 1436.96
Previous Monthly High 1452.72
Previous Monthly Low 1382.02
Daily Fibonacci 38.2% 1512.75
Daily Fibonacci 61.8% 1505.76
Daily Pivot Point S1 1499.15
Daily Pivot Point S2 1482
Daily Pivot Point S3 1469.54
Daily Pivot Point R1 1528.75
Daily Pivot Point R2 1541.21
Daily Pivot Point R3 1558.36

 

 

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