Gold Technical Analysis: Failed breakout has established $1315 as key resistance

Gold is on the defensive, courtesy of falling channel 'fakeout' and only a convincing move above $1,315 would restore the bullish view. 

4-hour chart

The falling channel breakout confirmed on Friday had signaled an end of the pullback from the recent highs above $1,325. The bulls, however, failed to capitalize on the breakout and prices fell back in the falling channel yesterday, neutralizing the bullish setup. 

A failed breakout is widely considered a strong bear indicator. Gold, therefore, risks falling below $1,300. 

A break above $1,315 (Friday's high) is needed to revive the bullish view. 

Trend: Bearish

XAU/USD

Overview:
    Today Last Price: 1308.16
    Today Daily change: -20 pips
    Today Daily change %: -0.02%
    Today Daily Open: 1308.36
Trends:
    Daily SMA20: 1300.88
    Daily SMA50: 1279.42
    Daily SMA100: 1250.06
    Daily SMA200: 1231.32
Levels:
    Previous Daily High: 1314.88
    Previous Daily Low: 1303.75
    Previous Weekly High: 1322.3
    Previous Weekly Low: 1300.1
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1308
    Daily Fibonacci 61.8%: 1310.63
    Daily Pivot Point S1: 1303.12
    Daily Pivot Point S2: 1297.87
    Daily Pivot Point S3: 1291.99
    Daily Pivot Point R1: 1314.24
    Daily Pivot Point R2: 1320.12
    Daily Pivot Point R3: 1325.37

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.


US Dollar Index off YTD peaks near 97.40 on data

The greenback is now trading on a volatile fashion, coming down from fresh 2019 highs near the 97.40 region when tracked by the US Dollar Index (DXY) to the current 97.00 neighbourhood.

US Dollar Index News

AUD/USD climbs to session tops, above 0.7100 handle amid renewed US-China trade optimism

The AUD/USD pair managed to recover early lost ground, led by softer Chinese inflation data and is currently placed at fresh session tops, around the 0.7110-15 region.

AUD/USD News