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Gold is on the defensive, courtesy of falling channel ‘fakeout’ and only a convincing move above $1,315 would restore the bullish view.  

4-hour chart

The falling channel breakout confirmed on Friday had signaled an end of the pullback from the recent highs above $1,325.  The bulls, however, failed to capitalize on the breakout and prices fell back in the falling channel yesterday, neutralizing the bullish setup.  

A failed breakout is widely considered a strong bear indicator. Gold, therefore, risks falling below $1,300.  

A break above $1,315 (Friday’s high) is needed to revive the bullish view.  

Trend: Bearish

XAU/USD

Overview:
       Today Last Price:  1308.16
       Today Daily change:  -20  pips
       Today Daily change %:  -0.02%
       Today Daily Open:  1308.36
Trends:
       Daily SMA20:  1300.88
       Daily SMA50:  1279.42
       Daily SMA100:  1250.06
       Daily SMA200:  1231.32
Levels:
       Previous Daily High:  1314.88
       Previous Daily Low:  1303.75
       Previous Weekly High:  1322.3
       Previous Weekly Low:  1300.1
       Previous Monthly High:  1326.25
       Previous Monthly Low:  1275.9
       Daily Fibonacci 38.2%:  1308
       Daily Fibonacci 61.8%:  1310.63
       Daily Pivot Point S1:  1303.12
       Daily Pivot Point S2:  1297.87
       Daily Pivot Point S3:  1291.99
       Daily Pivot Point R1:  1314.24
       Daily Pivot Point R2:  1320.12
       Daily Pivot Point R3:  1325.37