Note

Gold Price Analysis: $1,994 is key resistance

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  • Gold remains in a pullback mode with key Fib hurdle at $1,994 intact. 
  • The hourly chart shows a rising wedge pattern with support at $1,953.

Gold is currently trading at $1,982 per ounce, representing a 0.15% decline on the day, having printed a high of $1,990 on Monday. 

The yellow metal has recovered by more than $100 from the recent low of $1,862, however, a bull revival is still not confirmed as the resistance at $1,994 – the 61.8% Fibonacci retracement of the sell-off from $2,075 to $1,862 – remains intact. 

A break above $1,994 would mean the pullback from the record high of $2,075 reached on Aug. 6 has ended and signal a resumption of the bull trend. 

Traders should note that the recent bounce has taken the shape of a rising wedge on the hourly chart. A move below the lower end, currently at $1,953, would imply an end of the bounce from $1,862 and shift risk in favor of a re-test of $1,900.

Hourly chart

Gold Price Analysis: $1,994 is key resistance

Trend: Neutral

Technical levels

XAU/USD

Overview
Today last price 1982.76
Today Daily Change -3.10
Today Daily Change % -0.15
Today daily open 1985.86
Trends
Daily SMA20 1958.99
Daily SMA50 1845.42
Daily SMA100 1772.17
Daily SMA200 1656.96
Levels
Previous Daily High 1990.76
Previous Daily Low 1929.66
Previous Weekly High 2049.96
Previous Weekly Low 1863.24
Previous Monthly High 1984.8
Previous Monthly Low 1757.7
Daily Fibonacci 38.2% 1967.42
Daily Fibonacci 61.8% 1953
Daily Pivot Point S1 1946.76
Daily Pivot Point S2 1907.66
Daily Pivot Point S3 1885.66
Daily Pivot Point R1 2007.86
Daily Pivot Point R2 2029.86
Daily Pivot Point R3 2068.96
 

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based on technical... strong bullish for gold and long position will be the best
Gold is gonna go up in the next few months there is no logical way it drops as the federal reserve prints money at record rates.

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