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Gold Price Analysis: XAU/USD trades near sideways channel support

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  • Gold is stuck in a sideways channel on the hourly chart. 
  • Channel breakdown would open doors for deeper pullback to recent lows. 

Gold is trading near the hourly chart sideways channel resistance of $1,954. 

The consolidation seen on the hourly chart is preceded by a violation of the trendline rising from Aug. 12 and Aug. 16 lows. As such, the sideways channel is more likely to breached to the downside. That may encourage sellers to press toward support at $1,963 (Aug 12 low). 

On the other hand, if the channel’s resistance is breached, the bearish view put forward by the ascending trendline breakdown confirmed earlier this week would be invalidated. That may lead bulls to reattempt testing the psychological hurdle of $2,000. That said, a stronger evidence of bullish revival would be a close above the lower high of $2,015 created on Aug. 18. 

Hourly chart

Gold Price Analysis: XAU/USD trades near sideways channel support

Trend: Bearish

Technical levels

XAU/USD

Overview
Today last price 1951.42
Today Daily Change 4.62
Today Daily Change % 0.24
Today daily open 1946.8
Trends
Daily SMA20 1972.83
Daily SMA50 1859.41
Daily SMA100 1783.04
Daily SMA200 1664.46
Levels
Previous Daily High 1955.49
Previous Daily Low 1924.52
Previous Weekly High 2049.96
Previous Weekly Low 1863.24
Previous Monthly High 1984.8
Previous Monthly Low 1757.7
Daily Fibonacci 38.2% 1943.66
Daily Fibonacci 61.8% 1936.35
Daily Pivot Point S1 1929.05
Daily Pivot Point S2 1911.3
Daily Pivot Point S3 1898.08
Daily Pivot Point R1 1960.02
Daily Pivot Point R2 1973.24
Daily Pivot Point R3 1990.99

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it wont go up anymore?😣
clear consolidation phase for gold

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