Gold Technical Analysis: Eyes $1,300 after triangle breakout
Gold witnessed a triangle breakout in the overnight trade, as the dovish Fed minutes pushed the greenback lower across the board.
- Repeated failure to penetrate the 55-day exponential moving average (EMA) followed by an upside break of the triangle pattern, coupled with the bullish relative strength index (RSI) of 60 indicates the scope for a test of supply around the psychological hurdle of $1,300.
- A close above that level would invalidate last Friday's bearish outside reversal and open the doors to $1,310.
- On the downside, the 55-day EMA of $1,282 is the level to bear for the bears.
Trend: mildly bullish
Today Last Price: 1292.62
Today Daily change: -96 pips
Today Daily change %: -0.0742%
Today Daily Open: 1293.58
Previous Daily SMA20: 1269.6
Previous Daily SMA50: 1242.3
Previous Daily SMA100: 1226.7
Previous Daily SMA200: 1229.12
Previous Daily High: 1293.95
Previous Daily Low: 1280.29
Previous Weekly High: 1298.42
Previous Weekly Low: 1276.82
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Previous Daily Fibonacci 38.2%: 1288.73
Previous Daily Fibonacci 61.8%: 1285.51
Previous Daily Pivot Point S1: 1284.6
Previous Daily Pivot Point S2: 1275.61
Previous Daily Pivot Point S3: 1270.94
Previous Daily Pivot Point R1: 1298.26
Previous Daily Pivot Point R2: 1302.94
Previous Daily Pivot Point R3: 1311.92