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.

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