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Gold Price Analysis: XAU/USD rises over 1%, nears rising wedge hurdle

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  • Gold has rallied to fresh nine-year highs above $1,865. 
  • The metal looks to have carved out a rising wedge pattern on the daily chart.

Gold is flashing green for the fourth straight day. At press time, the yellow metal is trading at $1,862 per ounce, representing a 1.10% gain on the day. Prices gained 1.28%, 0.48%, and 0.68% on Tuesday, Monday, and Friday, respectively. 

  • Breaking: Gold jumps $15 to renew nine-year highs above $1865

Rising wedge on the daily

The metal printed a session high of $1,866 a few minutes ago and nearly tested the upper end of the rising wedge pattern, represented by trendlines connecting March 20 and June 5 lows and March 9 and April 14 highs. 

The technical bias would turn bearish if the metal dives out of the rising wedge pattern. At press time, the lower end or support of the rising wedge is located at $1,803. The support would shift higher to $1,825 by the end of July.

Take note that the likes of CitiGroup and Goldman Sachs expect gold to set a new record high above $1,920 in the near-term. 

Daily chart

Gold Price Analysis: XAU/USD rises over 1%, nears rising wedge hurdle

Trend: Bullish

Technical levels

XAU/USD

Overview
Today last price 1860.47
Today Daily Change 18.64
Today Daily Change % 1.01
Today daily open 1841.83
Trends
Daily SMA20 1792.61
Daily SMA50 1753.44
Daily SMA100 1701.28
Daily SMA200 1611.97
Levels
Previous Daily High 1843.54
Previous Daily Low 1815.9
Previous Weekly High 1815.1
Previous Weekly Low 1790.42
Previous Monthly High 1785.91
Previous Monthly Low 1670.76
Daily Fibonacci 38.2% 1832.98
Daily Fibonacci 61.8% 1826.46
Daily Pivot Point S1 1823.97
Daily Pivot Point S2 1806.12
Daily Pivot Point S3 1796.33
Daily Pivot Point R1 1851.61
Daily Pivot Point R2 1861.4
Daily Pivot Point R3 1879.25
 

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It's heading down alrdy
Good trend for gold, but wondering how long can it sustain though? Hmm..

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