Gold Price Analysis: Harmonic patterns emerge in the gold market


  • Gold is trading 0.23% higher on Friday erasing earlier losses.
  • It seems either there was some profit taking or NFP bears around earlier.

Gold 1-Hourly Chart

The price of gold fell from its daily peak of $1,690.04 after the Non-Farm Payroll data earlier in the session.

Now it seems the price found some support at the 38.2% Fibonacci retracement.

The candle also managed to close above the 261.8% Fibonacci extension and trendline.

This also confluences with a support zone at $1.653.83. 

Now it seems the price might be edging back toward the highs but if the Fibs keep working the 76.4% level ($1,678.34) could be the new 1-2 wave low from an Elliott wave perspective.

If the bulls win the battle then $1,720.00 is the 1.618% extension to the upside.

Gold Price Analysis

Additional Levels

XAU/USD

Overview
Today last price 1675.36
Today Daily Change 2.02
Today Daily Change % 0.12
Today daily open 1673.34
 
Trends
Daily SMA20 1608.67
Daily SMA50 1576.88
Daily SMA100 1527.5
Daily SMA200 1490.13
 
Levels
Previous Daily High 1674.68
Previous Daily Low 1633.98
Previous Weekly High 1689.4
Previous Weekly Low 1562.94
Previous Monthly High 1689.4
Previous Monthly Low 1547.56
Daily Fibonacci 38.2% 1659.13
Daily Fibonacci 61.8% 1649.53
Daily Pivot Point S1 1646.65
Daily Pivot Point S2 1619.97
Daily Pivot Point S3 1605.95
Daily Pivot Point R1 1687.35
Daily Pivot Point R2 1701.37
Daily Pivot Point R3 1728.05

 

 

Share: Feed news

All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.

Recommended content


Recommended content

Editors’ Picks

AUD/USD gathers strength to near 0.6550 on weaker US Dollar

AUD/USD gathers strength to near 0.6550 on weaker US Dollar

The AUD/USD pair attracts some buyers to near 0.6540 during the early Asian session on Monday. The US Dollar Index (DXY) declines slightly after reaching a new two-year high despite the strong US S&P Purchasing Managers Index (PMI) data. 

AUD/USD News
EUR/USD treads water just above 1.0400 post-US data

EUR/USD treads water just above 1.0400 post-US data

Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.

EUR/USD News
Gold keeps the bid bias unchanged near $2,700

Gold keeps the bid bias unchanged near $2,700

Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.

Gold News
Elections, inflation, and the bond market

Elections, inflation, and the bond market

The Federal Reserve believes inflation is no longer a concern for consumers and the time has come to ensure the rate of change of prices does not decline any further.
Read more
Eurozone PMI sounds the alarm about growth once more

Eurozone PMI sounds the alarm about growth once more

The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures