Gold technical analysis: Mildly bid with falling wedge breakout on 1H
|- Gold's hourly chart shows a falling wedge breakout.
- Key indicators are also flashing bullish conditions.
Gold is currently trading $1,340 per Oz, representing 0.52 percent gains on the low of $1,333 seen on Monday.
The bounce could be extended further toward $1,350, as the hourly chart is reporting a falling wedge breakout - a bullish reversal pattern which indicates the pullback from Friday's high of $1,358 has ended and the bulls are back in commanding position.
Also supporting the case for a rally to $1,350 is the relative strength index (RSI) on the hourly chart which is reporting bullish conditions with an above-50 print. Further, the 5- and 10-day moving averages are trending north, indicating bullish setup.
Hourly chart
Trend: Bullish
Pivot levels
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