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

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD sits near a one-month top, above 0.7000 amid fresh USD selling

AUD/USD holds above 0.7000 through the Asian session, trading near a one-month high touched earlier this Monday amid renewed US Dollar selling. US bond yields decline further amid a modest pullback in crude oil prices, capping the USD recovery from a three-week low. Moreover, bets for a November RBA rate hike support the Aussie, though upside seems capped ahead of the crucial two-day FOMC meeting, starting Tuesday.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold sticks to modest recovery gains above $4,000 as Fed hike bets cap upside

Gold stages a modest recovery from the vicinity of a three-month low, trading above the $4,000 psychological mark through Monday’s Asian session amid a softer US Dollar. US President Donald Trump has ruled out immediate military action against Iran, triggering a modest pullback in crude oil prices. Furthermore, Federal Reserve officials have signaled no urgency to raise interest rates immediately.

Cardano's derivatives and on-chain data confirm bears in control

Cardano extends losses, trading below $0.202 after three consecutive weeks of more than 20% declines since early October. Selling pressure continues to build as weakening derivatives metrics, bearish on-chain signals and a deteriorating technical outlook point to further downside risks. Derivatives data shows a bearish bias for Cardano.

CFTC Report: WTI rally runs ahead of positioning

The week in one sentence: WTI prices surged while speculative longs were cut in the week to October 20, creating the clearest price/positioning divergence. Sterling and the Canadian Dollar led the constructive currency shift, while Yen longs also rebuilt. Speculators turned less constructive on the WTI, reducing their net exposure to around 89.3K contracts.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.