Gold Price Analysis: Pulls back from record high, 1H chart shows failed breakout


  • Gold recedes from record high of $1,988 to $1,973. 
  • The hourly chart shows now shows a failed triangle breakout. 

An ounce of gold is changing hands near $1,973 at press time. Prices reached a fresh record high of $1,988 during the early Asian session, surpassing the previous lifetime high of $1,984 reached on Friday. 

Notably, with the rise to fresh record highs, gold had confirmed an ascending channel breakout on the hourly chart. That bullish continuation pattern, however, has failed with the pullback to $1,972. 

A failed breakout is widely considered as a powerful bearish signal. That, alongside a below-50 or bearish reading on the hourly chat relative strength index, suggests scope for a deeper decline to the ascending triangle support at $1,960. 

On the higher side, $1,988 is the level to beat for the bulls, which, if breached, would open the doors to a potential breakout above the $2,000 mark. 

Hourly chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price 1973.27
Today Daily Change -2.81
Today Daily Change % -0.14
Today daily open 1976.08
 
Trends
Daily SMA20 1857.38
Daily SMA50 1785.18
Daily SMA100 1724.31
Daily SMA200 1629.69
 
Levels
Previous Daily High 1984.8
Previous Daily Low 1955.3
Previous Weekly High 1984.8
Previous Weekly Low 1900
Previous Monthly High 1984.8
Previous Monthly Low 1757.7
Daily Fibonacci 38.2% 1973.53
Daily Fibonacci 61.8% 1966.57
Daily Pivot Point S1 1959.32
Daily Pivot Point S2 1942.56
Daily Pivot Point S3 1929.82
Daily Pivot Point R1 1988.82
Daily Pivot Point R2 2001.56
Daily Pivot Point R3 2018.32

 

 

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