Gold Technical Analysis: break above $1,300 elusive despite "golden crossover"
Gold's 50-day moving average (MA) crossed the 200-day MA from below earlier this week, confirming the golden crossover - a long-term bullish indicator.
So far, however, the golden crossover hasn't impressed the bulls. The yellow metal continues to trade in a narrowing price above $1,20. More importantly, a break above $1,300 will likely remain elusive, as the golden crossover is the result of the metal's 90-degree rally from the low of $1,196 seen on Nov. 13.
Put simply, the bulls may have run out of steam. In fact, the 14-day relative strength index (RSI) has rolled over from the overbought territory and has breached the rising trendline. As a result, a price pullback could be in the offing.
Daily chart
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Trend: pullback likely
XAU/USD
Overview:
Today Last Price: 1291.3
Today Daily change: -59 pips
Today Daily change %: -0.0457%
Today Daily Open: 1291.89
Trends:
Daily SMA20: 1282.63
Daily SMA50: 1251.02
Daily SMA100: 1232.26
Daily SMA200: 1228.87
Levels:
Previous Daily High: 1295.45
Previous Daily Low: 1288.95
Previous Weekly High: 1297.15
Previous Weekly Low: 1279.35
Previous Monthly High: 1284.7
Previous Monthly Low: 1221.39
Daily Fibonacci 38.2%: 1291.43
Daily Fibonacci 61.8%: 1292.97
Daily Pivot Point S1: 1288.74
Daily Pivot Point S2: 1285.6
Daily Pivot Point S3: 1282.24
Daily Pivot Point R1: 1295.24
Daily Pivot Point R2: 1298.6
Daily Pivot Point R3: 1301.74