Gold Technical Analysis: re-test of weekly highs near $1,286 likely

Omkar Godbole FXStreet Contributor

Gold could revisit the high of $1,286 hit earlier this week, as the repeated bounce from sub-$1,280 may have weakened the bearish view put forward by the contracting triangle breakdown.

Hourly chart

As seen above, sellers are struggling for a convincing break below $1,280.

Further, the 14-hour RSI is showing a diamond breakout. Put simply, the indicator is possibly hinting it an impending bullish move toward the weekly high of $1,286.

That said, there is merit in being cautious as a convincing break below $1,280 would reinforce the contracting triangle breakdown and open up downside toward $1,265.

As of writing, gold is trading at $1,282 per Oz.

Trend: Cautiously bearish

XAU/USD

Overview:
    Today Last Price: 1282.55
    Today Daily change: 1.73 pips
    Today Daily change %: 0.14%
    Today Daily Open: 1280.82
Trends:
    Daily SMA20: 1286.06
    Daily SMA50: 1258.18
    Daily SMA100: 1236.28
    Daily SMA200: 1228.62
Levels:
    Previous Daily High: 1285.8
    Previous Daily Low: 1277.03
    Previous Weekly High: 1295.9
    Previous Weekly Low: 1276.2
    Previous Monthly High: 1284.7
    Previous Monthly Low: 1221.39
    Daily Fibonacci 38.2%: 1280.38
    Daily Fibonacci 61.8%: 1282.45
    Daily Pivot Point S1: 1276.63
    Daily Pivot Point S2: 1272.44
    Daily Pivot Point S3: 1267.86
    Daily Pivot Point R1: 1285.41
    Daily Pivot Point R2: 1289.99
    Daily Pivot Point R3: 1294.18

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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