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

 

 

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