Gold technical analysis: Rebounds from $1414 area, retests overnight swing high
|- Gold managed to find a decent support near the $1414 region and has now recovered a major part of its early lost ground.
- The mentioned region coincides with last Thursday's swing low and should now act as a key pivotal point for short-term traders.
With technical indicators on hourly charts recovering from the negative territory, a follow-through buying beyond the current congestion zone might now set the stage for a further intraday appreciating move.
Immediate resistance is pegged near the $1428-29 region, above which the precious metal is likely to accelerate the up-move towards $1434-35 intermediate resistance en-route the next hurdle near the $1440 supply zone.
On the flip side, the $1422-20 region now seems to protect the immediate downside and is followed by the $1414 horizontal support, which if broken will set the stage for a move towards challenging the key $1400 psychological mark.
Gold 1-hourly chart
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