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

Ross J Burland FXStreet

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

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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