Gold technical analysis: Bulls target 2014 top during further upside, overbought RSI doubts the rise

A successful break of 2016 top favors the bulls towards targeting 2014 high.
Overbought RSI can trigger the pullback moves.

Anil Panchal FXStreet

With the global risk-aversion wave fueling the Gold prices to the highest since March 2014, the yellow metal aims for that year top during additional upside as it takes the bids around $1379.65 ahead of the Europe markets open on Thursday.

While $1392.30 is likely immediate cap for the yellow metal, buyers might not refrain from targeting $1,400 round-figure and 50% Fibonacci retracement of 2012-16 downturn, at $1421.22, during further upside.

If at all overbought levels of 14-bar relative strength index (RSI) triggers the bullion’s profit-booking, January 2018 high near $1366 and February month tops around $1346.85 can please short-term sellers.

It should, however, be noted that the quote’s downside past-$1346.85 may diver bears towards 38.2% Fibonacci retracement of $1332.76 rest-point.

Gold: Weekly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1380.56
Today Daily Change	20.16
Today Daily Change %	1.48%
Today daily open	1360.4

Trends
Daily SMA20	1319
Daily SMA50	1297.26
Daily SMA100	1302.6
Daily SMA200	1271.12

Levels
Previous Daily High	1362.5
Previous Daily Low	1341.56
Previous Weekly High	1358.2
Previous Weekly Low	1319.99
Previous Monthly High	1306.9
Previous Monthly Low	1266.35
Daily Fibonacci 38.2%	1354.5
Daily Fibonacci 61.8%	1349.56
Daily Pivot Point S1	1347.14
Daily Pivot Point S2	1333.87
Daily Pivot Point S3	1326.19
Daily Pivot Point R1	1368.08
Daily Pivot Point R2	1375.76
Daily Pivot Point R3	1389.03

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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