Gold technical analysis: Bulls can look ahead to the 1440 key resistance


Gold prices have found higher grounds following a drop in the Dollar on expectations of the Fed cutting rates. The DXY index was trading 0.4% lower Wednesday at 97.08. Gold prices had left a bullish pin bar on the charts. Overnight, the bullish engulfing candlestick was left and has been cementing a bullish outlook based on the price action.

The 20-day moving average supports but on a break lower, bears would target a 50% retracement of the April swing lows to late June swing highs around 1352. On the upside, however, bulls broke the 1410 level and marked 1418 tops. Bulls can look ahead to the 1440 key resistance which makes way for a continuation to the May 2012 lows at 1527.

Gold levels

XAU/USD

Overview
Today last price 1420.93
Today Daily Change 23.25
Today Daily Change % 1.66
Today daily open 1397.68
 
Trends
Daily SMA20 1387.76
Daily SMA50 1331.97
Daily SMA100 1315.4
Daily SMA200 1285.6
Levels
Previous Daily High 1399.9
Previous Daily Low 1386.34
Previous Weekly High 1436.2
Previous Weekly Low 1382.02
Previous Monthly High 1438.66
Previous Monthly Low 1306.18
Daily Fibonacci 38.2% 1394.72
Daily Fibonacci 61.8% 1391.52
Daily Pivot Point S1 1389.38
Daily Pivot Point S2 1381.09
Daily Pivot Point S3 1375.83
Daily Pivot Point R1 1402.94
Daily Pivot Point R2 1408.2
Daily Pivot Point R3 1416.49

 

 


 

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