Gold Technical Analysis: Eyes $1,300 after triangle breakout

Omkar Godbole FXStreet Contributor

Gold witnessed a triangle breakout in the overnight trade, as the dovish Fed minutes pushed the greenback lower across the board.

4-hour chart

Repeated failure to penetrate the 55-day exponential moving average (EMA) followed by an upside break of the triangle pattern, coupled with the bullish relative strength index (RSI) of 60 indicates the scope for a test of supply around the psychological hurdle of $1,300.
A close above that level would invalidate last Friday's bearish outside reversal and open the doors to $1,310.
On the downside, the 55-day EMA of $1,282 is the level to bear for the bears.

Trend: mildly bullish

XAU/USD

Overview:
    Today Last Price: 1292.62
    Today Daily change: -96 pips
    Today Daily change %: -0.0742%
    Today Daily Open: 1293.58
Trends:
    Previous Daily SMA20: 1269.6
    Previous Daily SMA50: 1242.3
    Previous Daily SMA100: 1226.7
    Previous Daily SMA200: 1229.12
Levels:
    Previous Daily High: 1293.95
    Previous Daily Low: 1280.29
    Previous Weekly High: 1298.42
    Previous Weekly Low: 1276.82
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Previous Daily Fibonacci 38.2%: 1288.73
    Previous Daily Fibonacci 61.8%: 1285.51
    Previous Daily Pivot Point S1: 1284.6
    Previous Daily Pivot Point S2: 1275.61
    Previous Daily Pivot Point S3: 1270.94
    Previous Daily Pivot Point R1: 1298.26
    Previous Daily Pivot Point R2: 1302.94
    Previous Daily Pivot Point R3: 1311.92

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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