Gold Technical Analysis: Bulls need to defend trendline support of $1,190
|- The hourly chart relative strength index (RSI) is reporting overbought conditions. As a result, gold could find it hard to scale the immediate resistance of the 200-hour moving average of $1,193.
- A repeated rejection at the 200-hour MA could yield a pullback, although the outlook would remain bullish as long as the yellow metal is holding above the ascending trendline support of $1,190.
- A break below the ascending trendline would allow a deeper drop to the 50-hour MA, currently located at $1,184.
Hourly chart
Current Price: $1,193
Daily High: $1,194.50
Daily Low: $1,190.32
Trend: Bearish below $1,190
R1: $1,195 (5-day MA)
R2: $1,200 (psychological level)
R3: $1,204 (Aug. 3 low)
Support
S1: $1,190 (session low)
S2: $1,183 (5-day MA)
S3: $1,160 (Aug. 16 low)
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