Gold has put in a phenomenal week of gains on the back of declining US yields and a softer dollar. The precious metal now test the psychological level of 1800 to close out the week. The bullish advance came off the back of a rather strong rejection of the 1611.40 (Jan 2020) level as a third extended lower wick on the weekly time frame proved sufficient to reject a move lower and, in fact, start a move higher.
The daily chart helps to visualize the potential area of resistance to gold’s bullish move. The purple rectangles show previous times when price action approached and ultimately respected the 1800 level. The level had been respected as both support and resistance, further underscoring its importance. Not only that, the 200 day SMA also conveniently rests at the 1800 level, meaning that nothing less than a massive follow through from gold bulls would be likely to succeed in driving prices higher from here.
A pullback towards the 38.2% Fibonacci retracement of the 2022 major move (1786) remains a possibility should prices cool before launching another attempt at 1800. The Fib level also coincides with the mid-November higher high. The RSI also hints at a potential slowdown from here as it returns from a very brief period in oversold territory.
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