Gold Technical Analysis: Bullish flag spotted on 1-hourly chart, sustained move beyond 100-DMA awaited
|• The commodity has been correcting from 2-1/2 month tops alongside a short-term descending trend-channel formation on the 1-hourly chart.
• Against the backdrop of the recent upsurge from $1183 area, the channel now seems to constitute towards the formation of a bullish flag chart pattern.
• Moreover, positive technical indicators on the daily chart support the constructive formation though are slowly catching up on the 1-hourly chart.
• Meanwhile, the commodity's inability to sustain/build on the momentum beyond 100-day SMA might be the only factor holding traders from placing fresh bullish bets.
• Hence, it would be prudent to wait for a strong follow-through buying beyond the mentioned barrier before positioning for any further near-term appreciating move.
Gold 1-hourly chart
XAU/USD
Overview:
Last Price: 1222.51
Daily change: 31 pips
Daily change: 0.0254%
Daily Open: 1222.2
Trends:
Daily SMA20: 1204.4
Daily SMA50: 1201.2
Daily SMA100: 1208.48
Daily SMA200: 1255.4
Levels:
Daily High: 1229.6
Daily Low: 1220.3
Weekly High: 1226.4
Weekly Low: 1182.54
Monthly High: 1212.64
Monthly Low: 1180.63
Daily Fibonacci 38.2%: 1223.85
Daily Fibonacci 61.8%: 1226.05
Daily Pivot Point S1: 1218.47
Daily Pivot Point S2: 1214.73
Daily Pivot Point S3: 1209.17
Daily Pivot Point R1: 1227.77
Daily Pivot Point R2: 1233.33
Daily Pivot Point R3: 1237.07
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