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  • 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

Trend: Bullish


       Last Price:  1231.46
       Daily change:  -1.7e+2  pips
       Daily change:  -0.141%
       Daily Open:  1233.2
       Daily SMA20:  1226.46
       Daily SMA50:  1209.96
       Daily SMA100:  1207.03
       Daily SMA200:  1247.31
       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