Gold Price Analysis: $1,918 offers stiff resistance

Gold is bid, but the upside is being capped near $1,918.
The weekly chart favors a move to fresh record highs above $1,920.

Omkar Godbole FXStreet Contributor

Gold appears on track to set a new record high above the September 2011 high of $1,920, having carved out a bullish marubozu candle last week - a sign of buyers controlling the price action.

So far, however, the upside has been capped around $1,918. As can be seen in the 5-minute, the metal has faced multiple rejections at $1,918.

That said, the uptrend line from the early Asian session low of $1,899 is still intact. The weekly chart, too, is reporting bullish conditions, as noted earlier.

As such, it is only a matter of time before the metal prints fresh lifetime high above $1,920.

5-min chart

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price	1915.28
Today Daily Change	14.12
Today Daily Change %	0.74
Today daily open	1901.16

Trends
Daily SMA20	1810.85
Daily SMA50	1762.86
Daily SMA100	1708.41
Daily SMA200	1617.96

Levels
Previous Daily High	1906.68
Previous Daily Low	1881.52
Previous Weekly High	1906.68
Previous Weekly Low	1805.86
Previous Monthly High	1785.91
Previous Monthly Low	1670.76
Daily Fibonacci 38.2%	1897.07
Daily Fibonacci 61.8%	1891.13
Daily Pivot Point S1	1886.23
Daily Pivot Point S2	1871.29
Daily Pivot Point S3	1861.07
Daily Pivot Point R1	1911.39
Daily Pivot Point R2	1921.61
Daily Pivot Point R3	1936.55

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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