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Gold Technical Analysis: pennant pattern seen at five-month highs

  • Gold is currently trading at $1,238 per Oz, having clocked a high of $1,244.40 – the level last seen on July 17.
  • Notably, it has charted a pennant pattern on the 4-hour chart. A break above the upper edge of the pennant, currently at $1,240 would signal a continuation of the rally from the Nov. 30 low of $1,216 (pole low) and would open up upside toward $1,268 (target as per the measured height method).
  • A pennant breakdown – move below $1,235 – if confirmed, would validate RSI’s breach of the ascending trendline and could yield a drop to $1,228 (ascending 50-candle simple moving average).

4-Hour Chart

Trend: Bullish above $1,240

XAU/USD

Overview:
       Today Last Price:  1238.7
       Today Daily change:  52  pips
       Today Daily change %:  0.0420%
       Today Daily Open:  1238.18
Trends:
       Previous Daily SMA20:  1221.84
       Previous Daily SMA50:  1223.52
       Previous Daily SMA100:  1210.9
       Previous Daily SMA200:  1232.92
Levels:
       Previous Daily High:  1244.35
       Previous Daily Low:  1232.8
       Previous Weekly High:  1231.8
       Previous Weekly Low:  1211.2
       Previous Monthly High:  1237.4
       Previous Monthly Low:  1196.4
       Previous Daily Fibonacci 38.2%:  1239.94
       Previous Daily Fibonacci 61.8%:  1237.21
       Previous Daily Pivot Point S1:  1232.54
       Previous Daily Pivot Point S2:  1226.89
       Previous Daily Pivot Point S3:  1220.99
       Previous Daily Pivot Point R1:  1244.09
       Previous Daily Pivot Point R2:  1249.99
       Previous Daily Pivot Point R3:  1255.64

 

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