Gold Technical Analysis: Struggling to build on falling channel breakout

Gold convincingly crossed the falling channel hurdle on Friday, signaling an end of the corrective pullback from recent highs above $1,325. So far, however, the bull breakout has not emboldened the bulls. 

4-hour chart

The falling channel breakout seen in the above chart represents a bearish-to-bullish trend change. Put simply, the doors have been opened for a test of the recent high of $1,326. 

The yellow metal, however, is still trading below Friday's high of $1,315. That is a slight cause for concern for the bulls, although the outlook would turn bearish only below the Feb. 8 high of $1,307. 

Trend: Cautiously bullish

XAU/USD

Overview:
    Today Last Price: 1311.83
    Today Daily change: -2.53 pips
    Today Daily change %: -0.19%
    Today Daily Open: 1314.36
Trends:
    Daily SMA20: 1300.04
    Daily SMA50: 1277.87
    Daily SMA100: 1249
    Daily SMA200: 1231.02
Levels:
    Previous Daily High: 1315.7
    Previous Daily Low: 1300.1
    Previous Weekly High: 1322.3
    Previous Weekly Low: 1300.1
    Previous Monthly High: 1326.25
    Previous Monthly Low: 1275.9
    Daily Fibonacci 38.2%: 1309.74
    Daily Fibonacci 61.8%: 1306.06
    Daily Pivot Point S1: 1304.41
    Daily Pivot Point S2: 1294.46
    Daily Pivot Point S3: 1288.81
    Daily Pivot Point R1: 1320.01
    Daily Pivot Point R2: 1325.66
    Daily Pivot Point R3: 1335.61

 

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