Gold Technical Analysis: Awaits falling wedge breakout
The USD, gold's biggest nemesis, took a beating yesterday. As a result, the yellow jumped from $1,214 to $1,237. As of writing, it is trading at $1,232/Oz and has created a falling wedge pattern on the 15-minute chart. A break above the upper edge of the wedge, currently at $1,233, would signal a resumption of the rally and open up upside toward $1,250. On the way higher, the metal may encounter resistance at yesterday's high of $1,237. The higher lows pattern on the daily chart indicates the falling wedge is more likely to be breached on the higher side.
15-minute chart
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Trend: Bullish
XAU/USD
Overview: Last Price: 1231.46 Daily change: -1.7e+2 pips Daily change: -0.141% Daily Open: 1233.2Trends: Daily SMA20: 1226.46 Daily SMA50: 1209.96 Daily SMA100: 1207.03 Daily SMA200: 1247.31Levels: Daily High: 1237.6 Daily Low: 1214.4 Weekly High: 1243.43 Weekly Low: 1219.9 Monthly High: 1243.43 Monthly Low: 1182.54 Daily Fibonacci 38.2%: 1228.74 Daily Fibonacci 61.8%: 1223.26 Daily Pivot Point S1: 1219.2 Daily Pivot Point S2: 1205.2 Daily Pivot Point S3: 1196 Daily Pivot Point R1: 1242.4 Daily Pivot Point R2: 1251.6 Daily Pivot Point R3: 1265.6
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