Gold Technical Analysis: head-and-shoulders seen on hourly chart
- Gold has created a classic head-and-shoulders pattern on the hourly chart with the neckline support at $1,220.
- A break below the neckline support would confirm a bull-to-bear trend change - the recovery rally from the Nov. 13 low of $1,196 has ended and the bears have likely regained control - and would open up downside toward $1,210 (target as per the measured height method).
- The yellow metal has found acceptance below the 50-hour and 100-hour exponential moving averages (EMAs). More importantly, both EMAs are beginning to roll over in favor of the bears. As a result, a break below the neckline support of $1,220 cannot be ruled out.
Hourly Chart
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Trend: Bearish
XAU/USD
Overview:
Today Last Price: 1221.83
Today Daily change: -35 pips
Today Daily change %: -0.0286%
Today Daily Open: 1222.18
Trends:
Previous Daily SMA20: 1218.96
Previous Daily SMA50: 1218.56
Previous Daily SMA100: 1207.46
Previous Daily SMA200: 1236.43
Levels:
Previous Daily High: 1228.04
Previous Daily Low: 1221.4
Previous Weekly High: 1230.3
Previous Weekly Low: 1217.7
Previous Monthly High: 1243.43
Previous Monthly Low: 1182.54
Previous Daily Fibonacci 38.2%: 1223.93
Previous Daily Fibonacci 61.8%: 1225.5
Previous Daily Pivot Point S1: 1219.71
Previous Daily Pivot Point S2: 1217.24
Previous Daily Pivot Point S3: 1213.07
Previous Daily Pivot Point R1: 1226.34
Previous Daily Pivot Point R2: 1230.51
Previous Daily Pivot Point R3: 1232.98