- Gold's daily chart shows a falling channel breakout.
- A break above $1,518 is needed for bullish reversal confirmation.
Gold jumped 1.11% on Thursday, confirming an upside break of the falling channel, represented by trendlines connecting Sept. 4 and Sept. 25 highs and Sept. 10 and Oct. 1 lows.
The channel breakout indicates the pullback from the September high of $1,557 has ended. The outlook, however, would turn bullish once the yellow metal invalidates the bearish lower highs setup with a move above the Oct. 25 high of $1,518.
As of writing, Gold is trading largely unchanged on the day at $1,512 per Oz.
The resistance at $1,518 could be scaled as Thursday's breakout is backed by a bullish or an above-zero reading on the MACD histogram and an above-50 reading on the 14-day relative strength index (RSI). A close above $1,518 would open the doors for $1,536 (Sept. 24 high).
The outlook would turn bearish if the recent low of $1,474 is breached. The downside was consistently restricted in $1,474-$1,477 range in the second half of October.
|Today last price||1512.27|
|Today Daily Change||-0.69|
|Today Daily Change %||-0.05|
|Today daily open||1512.96|
|Previous Daily High||1514.22|
|Previous Daily Low||1493.8|
|Previous Weekly High||1517.92|
|Previous Weekly Low||1481.05|
|Previous Monthly High||1519.04|
|Previous Monthly Low||1455.5|
|Daily Fibonacci 38.2%||1506.42|
|Daily Fibonacci 61.8%||1501.6|
|Daily Pivot Point S1||1499.77|
|Daily Pivot Point S2||1486.57|
|Daily Pivot Point S3||1479.35|
|Daily Pivot Point R1||1520.19|
|Daily Pivot Point R2||1527.42|
|Daily Pivot Point R3||1540.61|
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