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