Gold technical analysis: Range play intact amid trade optimism

  • Gold remains trapped in a sideways channel for a fifth straight week. 
  • The hourly chart shows scope for a re-test of $1,500.

Gold is currently trading at $1,506 per Oz, representing a 0.17% gain on the day, having faced rejection at highs near $1,515 on Monday.

Prices remain trapped in $1,520-$1,475 range for the fifth straight week. The US and China are closing on the phase-one of a trade deal and forcing a breakout is going to be a tough task for the yellow metal bulls.

Currently, the hourly chart relative strength index is reporting bearish conditions with a below-50 print and the MACD histogram is producing deeper bars below the zero line, signaling strengthening bearish momentum.

Gold, therefore, risks extending losses to the hourly chart support at $1,503 in the next few hours. A violation there would expose the psychological support of $1,500 (200-hour MA).

The outlook as per the hourly chart would turn bullish if prices invalidate the lower highs setup with a move above $1,510.

Daily chart

Trend: Neutral-to-bearish

Technical levels


Today last price 1506.46
Today Daily Change -2.12
Today Daily Change % -0.14
Today daily open 1508.58
Daily SMA20 1496.23
Daily SMA50 1504.07
Daily SMA100 1472.77
Daily SMA200 1387.23
Previous Daily High 1514.85
Previous Daily Low 1504.64
Previous Weekly High 1515.38
Previous Weekly Low 1481.1
Previous Monthly High 1519.04
Previous Monthly Low 1455.5
Daily Fibonacci 38.2% 1508.54
Daily Fibonacci 61.8% 1510.95
Daily Pivot Point S1 1503.86
Daily Pivot Point S2 1499.15
Daily Pivot Point S3 1493.65
Daily Pivot Point R1 1514.07
Daily Pivot Point R2 1519.57
Daily Pivot Point R3 1524.28



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News