Gold Technical Analysis: Stuck in a rising broadening wedge
|- Gold has charted a rising broadening wedge on the hourly chart. More importantly, the 100-hour moving average (MA) has met the wedge support of $1,203,50.
- Acceptance below that level would signal a continuation of the sell-off from the recent high of $1,214.30 and would shift risk in favor of a drop to rising trendline, currently located at $1,198. A violation there would confirm the corrective rally from the recent low of $1,160 has ended.
- Meanwhile, $1,209 is the level to beat for the bulls.
Hourly Chart
Current Price: $1,205
Daily High: $1,207.90
Daily Low: $1,204.63
Trend: Bearish $1,203.50
R1: $1,208 (wedge hurdle)
R2: $1,214.30 (Aug. 28 high)
R3: $1,223.6 (50-day MA)
Support
S1: $1,203.50 (wedge support)
S2: $1,200 (psychological level)
S3: $1,198 (rising trendline support)
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