Gold Price Analysis: XAU/USD holds above $1,800 inside ascending channel on 1H
- Gold struggles for traction while gradually firming up the recovery moves.
- The bullish technical pattern has a bumpy road ahead.
Gold prices seesaw around $1,810 while searching for a fresh direction during early Friday. Even so, the bullion trades inside a three-day-old ascending trend channel, which in turn keeps the buyers hopeful above $1,800.
In doing so, the channel resistance around $1,820 becomes an immediate upside hurdle restricting the further rise towards the previous support line from November 16, at $1,830.55 now.
During the quote’s sustained rise beyond the resistance line, 200-HMA level near $1,850 and November 19 bottom close to $1,853 will be among the last few challenges for gold buyers.
Meanwhile, a downside break of the stated support line, at $1,806 now, will seek confirmation of recalling the bears from the $1,800 threshold.
Also acting as the key support is the early July top near $1,790.
Gold hourly chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
