Gold Price Analysis: XAU/USD teasing rising channel breakdown on 1H chart

Gold looks vulnerable despite Wednesday bounce.
XAU/USD teasing a rising channel breakdown on the hourly chart.
200-DMA at $1798 is the level to beat for the bears.

Dhwani Mehta FXStreet

The recovery in Gold (XAU/USD) faltered at the rising channel hurdle near $1818 and since then the prices turned south, in a bid to test the four-month lows of $1800 reached Monday.

The bears are fighting back control, as gold looks poised to dive out of the rising channel pattern formed on the hourly chart.

An hourly close below the rising trendline support at $1804 could validate the bearish formation, opening floors towards the multi-month lows.

A breach of the last could expose the critical 200-daily moving average (DMA), now located at $1798.

The next on the sellers’ radars will be the May 18 high of $1765.

Alternatively, the horizontal 21-hourly moving average (HMA) at $1809 could challenge any recovery attempt.

Acceptance above the latter could call for a test of the bearish 50-HMA at $1814.

The channel resistance will once again come into the picture on a firm break above the 50-HMA barrier.

However, the downside appears more compelling, with the hourly Relative Strength Index (RSI) turning south while within the bearish region below 50.00.

Gold Price Chart: Hourly

Gold: Additional levels

XAU/USD

Overview
Today last price	1807.04
Today Daily Change	0.33
Today Daily Change %	0.02
Today daily open	1807.51

Trends
Daily SMA20	1881.05
Daily SMA50	1894.53
Daily SMA100	1910.39
Daily SMA200	1796.36

Levels
Previous Daily High	1839.05
Previous Daily Low	1800.41
Previous Weekly High	1899.14
Previous Weekly Low	1852.8
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1815.17
Daily Fibonacci 61.8%	1824.29
Daily Pivot Point S1	1792.26
Daily Pivot Point S2	1777.02
Daily Pivot Point S3	1753.62
Daily Pivot Point R1	1830.9
Daily Pivot Point R2	1854.3
Daily Pivot Point R3	1869.54

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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