Gold Technical Analysis: head-and-shoulders seen on hourly chart
|- Gold has created a classic head-and-shoulders pattern on the hourly chart with the neckline support at $1,220.
- A break below the neckline support would confirm a bull-to-bear trend change - the recovery rally from the Nov. 13 low of $1,196 has ended and the bears have likely regained control - and would open up downside toward $1,210 (target as per the measured height method).
- The yellow metal has found acceptance below the 50-hour and 100-hour exponential moving averages (EMAs). More importantly, both EMAs are beginning to roll over in favor of the bears. As a result, a break below the neckline support of $1,220 cannot be ruled out.
Hourly Chart
Trend: Bearish
XAU/USD
Overview:
Today Last Price: 1221.83
Today Daily change: -35 pips
Today Daily change %: -0.0286%
Today Daily Open: 1222.18
Trends:
Previous Daily SMA20: 1218.96
Previous Daily SMA50: 1218.56
Previous Daily SMA100: 1207.46
Previous Daily SMA200: 1236.43
Levels:
Previous Daily High: 1228.04
Previous Daily Low: 1221.4
Previous Weekly High: 1230.3
Previous Weekly Low: 1217.7
Previous Monthly High: 1243.43
Previous Monthly Low: 1182.54
Previous Daily Fibonacci 38.2%: 1223.93
Previous Daily Fibonacci 61.8%: 1225.5
Previous Daily Pivot Point S1: 1219.71
Previous Daily Pivot Point S2: 1217.24
Previous Daily Pivot Point S3: 1213.07
Previous Daily Pivot Point R1: 1226.34
Previous Daily Pivot Point R2: 1230.51
Previous Daily Pivot Point R3: 1232.98
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.