Gold technical analysis: About to confirm rising wedge on H1

Gold pulls back to short-term support-line.
Sellers aim for 100-HMA if confirming rising wedge breakdown.
Bearish MACD favors the downside.

Anil Panchal FXStreet

With the 12-bar moving average convergence and divergence (MACD) flashing bearish signals, Gold sellers await confirmation of short-term rising wedge bearish formation to target 100-hour moving average (HMA). The quote currently trades around $1519 ahead of Friday’s European sellers.

While a break of $1518.60 will confirm the bearish technical pattern, 100-HMA at $1,511 can offer an intermediate halt before dragging prices to 23.6% Fibonacci retracement level of present month upside, at $1502.

Should buyers fail to return, August 14 low near $1,494 and August 13 low around $1,481 get to come back as quotes.

Alternatively, $1,528 acts as the formation resistances and a break of which will negate the bearish technical pattern, which in turn can trigger fresh upside towards the recent high of $1,534.41.

Gold hourly chart

Trend: Pullback expected

1. R3 1548.83
2. R2 1537.81
3. R1 1530.5
PP 1519.48
1. S1 1512.18
2. S2 1501.16
3. S3 1493.85

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.

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