Gold Technical Analysis: Failed breakout has established $1315 as key resistance
Gold is on the defensive, courtesy of falling channel 'fakeout' and only a convincing move above $1,315 would restore the bullish view.
4-hour chart
-636855352593261377.png)
The falling channel breakout confirmed on Friday had signaled an end of the pullback from the recent highs above $1,325. The bulls, however, failed to capitalize on the breakout and prices fell back in the falling channel yesterday, neutralizing the bullish setup.
A failed breakout is widely considered a strong bear indicator. Gold, therefore, risks falling below $1,300.
A break above $1,315 (Friday's high) is needed to revive the bullish view.
Trend: Bearish
XAU/USD
Overview:
Today Last Price: 1308.16
Today Daily change: -20 pips
Today Daily change %: -0.02%
Today Daily Open: 1308.36
Trends:
Daily SMA20: 1300.88
Daily SMA50: 1279.42
Daily SMA100: 1250.06
Daily SMA200: 1231.32
Levels:
Previous Daily High: 1314.88
Previous Daily Low: 1303.75
Previous Weekly High: 1322.3
Previous Weekly Low: 1300.1
Previous Monthly High: 1326.25
Previous Monthly Low: 1275.9
Daily Fibonacci 38.2%: 1308
Daily Fibonacci 61.8%: 1310.63
Daily Pivot Point S1: 1303.12
Daily Pivot Point S2: 1297.87
Daily Pivot Point S3: 1291.99
Daily Pivot Point R1: 1314.24
Daily Pivot Point R2: 1320.12
Daily Pivot Point R3: 1325.37