Gold Price Analysis: XAU/USD trades under 50-week SMA

Gold has pulled back by $10 from the session high of $1,818.
The weekly chart shows the path of least resistance is to the downside.

Omkar Godbole FXStreet Contributor

Gold (XAU/USD) is trading near $1,808 per ounce at press time, having failed to keep gains above the 50-week Simple Moving Average (SMA) hurdle at $1,815 early Monday.

Last week's rejection at the trendline falling from August and November highs, coupled with the below-50 reading on the weekly chart Relative Strength Index, suggests the path of least resistance is to the downside.

As such, a re-test of Thursday's low of $1,785 looks likely. A violation there would expose the Nov. 30 low of $1,764. A move above the weekly chart descending trendline is needed to confirm a reversal higher.

Weekly chart

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price	1811.47
Today Daily Change	0.25
Today Daily Change %	0.01
Today daily open	1811.22

Trends
Daily SMA20	1842.94
Daily SMA50	1858.09
Daily SMA100	1871.81
Daily SMA200	1854.15

Levels
Previous Daily High	1815.23
Previous Daily Low	1792.08
Previous Weekly High	1871.9
Previous Weekly Low	1785.02
Previous Monthly High	1959.42
Previous Monthly Low	1802.8
Daily Fibonacci 38.2%	1806.39
Daily Fibonacci 61.8%	1800.92
Daily Pivot Point S1	1797.12
Daily Pivot Point S2	1783.03
Daily Pivot Point S3	1773.97
Daily Pivot Point R1	1820.27
Daily Pivot Point R2	1829.33
Daily Pivot Point R3	1843.42

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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