Gold Technical Analysis: Hits one-month after bull breakout

Gold is currently trading at $1,237; the highest level since Nov.1 and looks set to extend the rally further, tracking the slide in the US 10-year treasury yield.
Technically speaking, the safe haven yellow metal is looking north, having cleared the resistance of the trendline connecting the Oct. 26 low and Nov. 7 low. That breakout gained credence as prices moved above the horizontal resistance of $1,230.30 (Nov. 21 high).
The 5- and 10-day simple moving averages (SMAs) are also trending north.
As a result, gold could test October high of $1,243 in the next couple of days.
A close below the 10-day SMA would weaken the bullish pressure.

Omkar Godbole FXStreet Contributor

Daily Chart

Trend: Bullish

XAU/USD

Overview:
    Today Last Price: 1237.06
    Today Daily change: 6.2e+2 pips
    Today Daily change %: 0.502%
    Today Daily Open: 1230.88
Trends:
    Previous Daily SMA20: 1217.57
    Previous Daily SMA50: 1220.69
    Previous Daily SMA100: 1209.38
    Previous Daily SMA200: 1234.14
Levels:
    Previous Daily High: 1234.96
    Previous Daily Low: 1221.39
    Previous Weekly High: 1231.8
    Previous Weekly Low: 1211.2
    Previous Monthly High: 1237.4
    Previous Monthly Low: 1196.4
    Previous Daily Fibonacci 38.2%: 1229.78
    Previous Daily Fibonacci 61.8%: 1226.57
    Previous Daily Pivot Point S1: 1223.2
    Previous Daily Pivot Point S2: 1215.51
    Previous Daily Pivot Point S3: 1209.63
    Previous Daily Pivot Point R1: 1236.77
    Previous Daily Pivot Point R2: 1242.65
    Previous Daily Pivot Point R3: 1250.34

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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