Gold Technical Analysis: Potential pullback to $1,217.70 a troy ounce

Flavio Tosti Independent Analyst

Daily chart

Gold is trading in a bear trend below the 200-period simple moving average (SMA).
However, bulls managed to claim the 50 and 100 SMA with the 50 SMA crossing above the 100 SMA.
The RSI and Stochastic indicators are trading above the 50 line suggesting bullishness in the market. The MACD is also turning bullish.

4-hour chart

1,225.40, the current high of the day seems to cap any further advances.
Gold formed a wedge-shaped pattern with potential bearish implications.
A pullback to 1,217.70 seems to be in the cards

30-minute chart

The RSI indicator is still above 50 while the Stochastic is leaving the overbought zone.
The MACD is turning bearish. All suggesting that Gold might have a pullback to 1,217.70 soon.

Additional key levels at a glance:

XAU/USD

Overview:
    Last Price: 1223.76
    Daily change: 3.0e+2 pips
    Daily change: 0.242%
    Daily Open: 1220.8
Trends:
    Daily SMA20: 1220.15
    Daily SMA50: 1214.77
    Daily SMA100: 1206.74
    Daily SMA200: 1239.09
Levels:
    Daily High: 1220.8
    Daily Low: 1220.8
    Weekly High: 1225.4
    Weekly Low: 1196
    Monthly High: 1243.43
    Monthly Low: 1182.54
    Daily Fibonacci 38.2%: 1220.8
    Daily Fibonacci 61.8%: 1220.8
    Daily Pivot Point S1: 1220.8
    Daily Pivot Point S2: 1220.8
    Daily Pivot Point S3: 1220.8
    Daily Pivot Point R1: 1220.8
    Daily Pivot Point R2: 1220.8
    Daily Pivot Point R3: 1220.8

Author

Flavio Tosti

Independent Analyst

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