Gold Price Analysis: XAU/USD holds above $1,800 inside ascending channel on 1H
|- Gold struggles for traction while gradually firming up the recovery moves.
- The bullish technical pattern has a bumpy road ahead.
Gold prices seesaw around $1,810 while searching for a fresh direction during early Friday. Even so, the bullion trades inside a three-day-old ascending trend channel, which in turn keeps the buyers hopeful above $1,800.
In doing so, the channel resistance around $1,820 becomes an immediate upside hurdle restricting the further rise towards the previous support line from November 16, at $1,830.55 now.
During the quote’s sustained rise beyond the resistance line, 200-HMA level near $1,850 and November 19 bottom close to $1,853 will be among the last few challenges for gold buyers.
Meanwhile, a downside break of the stated support line, at $1,806 now, will seek confirmation of recalling the bears from the $1,800 threshold.
Also acting as the key support is the early July top near $1,790.
Gold hourly chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.